The PBGC, Washington, picked Ark Asset Management, Brinson Partners and PIMCO as active large-cap U.S. equity managers. Ark will manage $700 million; Brinson Partners, $500 million; and PIMCO, $225 million. The agency, with $15.6 billion in investments, has a $6.6 billion equity portfolio.
``As PBGC's assets have increased with strong investment earnings, we (have) expanded our roster of equity managers,'' said N. Anthony Calhoun, PBGC's deputy executive director and CFO.
California Public Employees' Retirement System, Sacramento, hired Richards & Tierney to help it create a completion fund.
The $129 billion system will use the new portfolio to fill in the style gaps left after CalPERS' recent hiring of 10 domestic equity managers. Richards & Tierney will assist in creating the fund, which CalPERS will manage in-house. CalPERS officials have not determined the size of the completion fund.