SEARCHES & HIRINGS
Los Angeles City Employees' Retirement System is expected to issue an RFP as early as Thursday for a large-capitalization growth equity manager. The manager will receive an estimated $320 million that had been managed by Chancellor LGT.
A spokesman for the $6.2 billion system said Chancellor was terminated primarily for investment performance and personnel turnover. No one at Chancellor could be reached for an immediate response. Staff will conduct the search, with assistance from Asset Strategy Consulting.
Fairfax County Supplemental Retirement Fund, Fairfax, Va., is searching for its first enhanced stock index manager, said Don McCorry, acting executive director of the approximately $1.4 billion fund. The amount to be allocated has not been decided. Results of a questionnaire sent to managers will be reviewed by trustees Oct. 1. The search was prompted by an updated investment philosophy, Mr. McCorry said. Funding will come from an equity rebalancing, he said.
Next, trustees will consider adding another domestic small-cap manager; two firms run about $102 million in small-cap stocks now.
Arlington County Retirement System, Arlington, Va. is searching for small- and mid to large-cap U.S. equity managers. Finalists will be interviewed at the next meeting. Other details, including a new asset allocation recommendation and short list of managers, were not made public. Ashford Consulting is assisting.
Trustees of the $800 million fund also agreed to allocate an additional $3 million to Wertheim Schroeder in an emerging markets portfolio, raising the allocation to $40 million, and to allocate an additional $5 million to Loomis, Sayles, for U.S. bonds.
Fairfax County Police Officers Retirement System, Fairfax, Va., with about $468 million in assets, terminated WorldInvest and hired Capital Guardian to replace it as an MSCI-EAFE international stock manager running slightly less than 9% of total assets, said Don McCorry, acting executive director. Mercer assisted. The fund was interested in managers with similar styles but those "that don't take as large bets,'' Mr. McCorry said in an earlier conversation.
Catherine Alsop, director of U.S. marketing for WorldInvest, was traveling, and could not be reached for comment.
State of Florida Deferred Compensation Plan, Tallahassee, hired Aetna as an investment provider for the $850 million plan. Aetna will bring the total of providers to nine. The others are Dreyfus, Fidelity, Great Western Bank, T. Rowe Price, VALIC, Nationwide Insurance, Great West Life and Security First. Specific investment options will be selected during contract negotiations.