The $646 million San Jose (Calif.) Federated City Employees Retirement System is searching for an international fixed-income manager. The new manager will replace Putnam, which was terminated. The system contracted with Scudder, Stevens & Clark, an existing manager, to temporarily run the $32.7 million international fixed-income portfolio Putnam managed. Scudder manages $272.9 million in domestic fixed income for the system.
Callan Associates is in the process of recommending how to proceed with the search and could suggest selecting from a screened list of candidates.
Making its first move to the area, the $440 million Sheriff's Pension and Relief Fund of Louisiana, Monroe, is searching for two non-U.S. equity managers, said Yvonne Richardson, executive director. The fund will begin accepting applications for RFPs next week and will keep the process open until mid-January.
The fund is looking for managers of commingled funds to split evenly a $17 million allocation; funding will come from short-term investments. LCG Associates is assisting.
Trustees of the $528 million Pennsylvania Municipal Retirement System, Harrisburg, selected Metric Realty for a $10 million real estate allocation, said James Allen, secretary. The money, to be invested in Metric's Growth & Income Fund, will be funded from cash.
The $91 million Essex County Retirement System, Salem, Mass., gave an additional $1 million each to two managers - Bank of Ireland for international stocks and David L. Babson for domestic small-cap stocks. The additions raise the managers' allocations to $5 million each, said Cynthia Kendall, chief executive assistant. The money came from cash and from reducing the allocation to State Street Research and Management, which previously managed both stocks and bonds and now manages only fixed income.