The District of Columbia Retirement Board decided to cancel searches for a large-cap active growth manager and a large-cap active value manager. Instead, it will look for a domestic enhanced index equity manager to run about $126 million and an active domestic small-cap growth manager to manage about $62 million.
The changes follow adoption yesterday of a U.S. equity framework that moves to a more passive and enhanced structure. RogersCasey will assist in the search.
Trustees also increased Sasco Capital's allocation to $165 million from $97.2 million in midcap value equities. Alliance Capital, which was to temporarily manage $210 million in indexed large-cap equities, will keep the assets permanently. The firm runs a total of $496 million in that style for the fund.
DCRB Executive Director Jeanna Cullins said the $3.6 billion pension fund would like to have new managers in place as soon as possible; the enhanced equity manager could be hired by the end of this year, she added.