The $267 million Ann Arbor (Mich.) Employees' Retirement System picked four finalists in its search for a mid- to large-cap value manager: Ark Asset Management; Oppenheimer Capital Management; Sanford C. Bernstein; and Scudder, Stevens & Clark Inc. Dorothy Erby, administrative consultant, said the new manager will be selected May 8, and will run $30 million to $35 mlllion. Other managers' allocations will be reduced to fund the hire.
Callan Associates is assisting.
The $207 million pension fund for Central Newspapers Inc., Indianapolis, reduced the equity assets it managed in-house and hired two outside managers. Bank of New York will manage $25 million in an S&P 500 index portfolio. Sector Capital Management will run $20 million in core equity.
Diversified Investment Advisors, Purchase, N.Y., selected McKinley Capital Management to subadvise a new aggressive equity portfolio for a manager of managers mutual fund that is marketed to 401(k), 401(b) and 457 plans, as well as Keoghs and IRAs. This is McKinley's first mutual fund assignment.