Southfield (Mich.) Employees Retirement System hired DeRoy & Devereaux to manage $11 million in active domestic smidcap value equities.
The $113 million pension fund's board approved the hiring at its Feb. 21 meeting, recently released meeting minutes show.
The pension fund conducted a shortlist search for a new smidcap value equity manager to replace Walthausen & Co., which ran a similar portfolio. That firm ceased operations in 2022.
As of Dec. 31, the pension fund's actual allocation to domestic equities was 49.6%; the target is 50%.
Investment consultant AndCo Consulting assisted.
Megan Battersby, retirement administrator, could not be immediately reached for further information.