Tulare County Employees' Retirement Association, Visalia, Calif., hired William Blair Investment Management to run about $78 million in active domestic large-cap growth equities, said Leanne Malison, retirement administrator.
The $1.9 billion pension fund conducted a shortlist search beginning in October due to organizational changes and performance concerns with incumbent manager Ivy Investment Management, said a presentation from investment consultant Verus Advisory included with Oct. 27 board meeting materials.
Lee Lubarsky, spokesman at Macquarie Group, which acquired Ivy Investment's parent company Waddell & Reed Financial in 2021, could not be immediately reached for comment.
TCERA's board approved the hiring of William Blair at its Jan. 26 meeting, Ms. Malison confirmed.
Sands Capital Management was the other finalist. William Blair also currently runs $29 million in active domestic smidcap growth equities for the pension fund.
As of Jan. 31, the pension fund's actual allocation to domestic equities was 29.5%.
Ms. Malison could not immediately provide further information.
