The District of Columbia Retirement Board terminated three large-cap equity managers that managed about 17% of the fund's $3.7 billion in assets, and approved searches for an active value equity manager and a large-cap active growth manager.
Terminated were: Loomis, Sayles, managing $216 million in large-cap value equities; Scudder, Stevens & Clark, managing $225.6 million in large-cap value equities; and Atalanta/Sosnoff Capital, managing $170.8 million in large-cap growth equities.
The board approved a search for a new Russell 1000 active value equity manager to replace Loomis, and a large-cap active growth manager to replace Atalanta/Sosnoff. Its consultant, RogersCasey, will conduct the searches.
The board also voted to reduce the amount managed by midcap growth manager Denver Investment Advisors to 4.6% of the fund's assets, from 7.2%. DIA will manage $170.2 million; it runs $272 million now.
