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.
Other candidates on the shortlist were Diamond Hill Capital Management and Victory Capital Management. The assets had been parked in an iShares Russell 2000 Value ETF managed by BlackRock.
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.
