Iscor, Pretoria, South Africa, plans to consolidate its pension plan's roster of international managers, said Hens Nel, chief executive. The 10.5 billion rand ($2.2 billion) fund will cut the roster to six managers from 15 during the next month or two. Mr. Nel said the fund likely will hire an outside consultant to provide manager research, although it would make manager selections itself.
Current international managers include LGT Asset Management, Merrill Lynch Asset Management, State Street Global Advisors, Global Asset Management, Bank of Ireland Asset Management, Perpetual Portfolio Management, NCM Capital Management Group, Polaris Capital Management and SEI Asset Management.
Mr. Nel said the fund might seek to consolidate portfolios among bigger managers.
