Mississippi Public Employees' Retirement System, Jackson, hired Wellington Management and Aligned Investors to run equity investment options for the state's $1.8 billion 457 plan.
The retirement system selected Wellington to manage an active domestic small-cap equity option and Aligned Investors to run an active domestic midcap equity option, spokeswoman Shelley Powers said in an email.
The board conducted an invitation-only search because the RBC Small Cap Core fund, managed by RBC Global Asset Management, and the BNY Mellon Opportunistic Midcap Value fund, managed by Mellon Investments, have been on watch for underperformance since March 2016. They were not included in the search, Ms. Powers said in a September email.
RBC Global spokesman Anthony Catinella did not immediately respond to requests for comment. A Mellon spokeswoman declined to comment for a September story.
The Mississippi Deferred Compensation Plan has a total of 15 investment options and a target-date fund lineup managed by Vanguard Group.