Kern County’s CIO is Replacing Its Two Active Domestic Small-Cap Equity Managers
Peter Tirp, chief investment officer of Kern County Employees' Retirement Association, Bakersfield, California, announced that is planning to replace its two active domestic small-cap equity managers.
The
$3.7 billion pension fund currently has its two managers, which run
about $75 million each, on watch. Growth manager Columbia Management
Investment Advisers is on watch for underperformance, and value manager
Fisher Investments is on watch for style drift.
The
pension fund's investment committee has approved due diligence visits
with small-cap growth manager Geneva Capital Management and value
managers AllianceBernstein (AB) and Silvercrest Asset Management, and a
decision will be made within the next couple of months.
Columbia spokesman Carlos Melville and David Eckerly, Fisher group vice president, declined to comment.
Separately,
the pension fund is narrowing its search for a credit-focused
distressed hedge fund into which it will make an investment of about $17
million. Finalists are Centerbridge Partners, River Birch Capital and
Southpaw Asset Management.
The
pension fund created a target of 10% to direct hedge fund investments
in July 2013 and this would be the 14th or 15th of 15 direct investments
planned, depending on contract negotiations with prior managers.
Source: Pensions & Investments
