District of Columbia Retirement Board, with more than $5 billion in assets, added Edgar Lomax and Sasco Capital to its watch list for performance reasons. Edgar Lomax, a domestic large-cap value stock manager, runs a $49 million portfolio for the fund. Sasco, a U.S. midcap stock manager, runs a $233 million portfolio.
Randall R. Ely, president, Edgar Lomax, said the firm has had stellar long-term performance, but conceded that it underperformed its benchmark recently. Sasco officials declined to comment. The system puts managers on watch if they underperform for four consecutive one-year rolling periods.
The board also agreed to retain BARRA RogersCasey as consultant for another year, retroactive to March, when its current contract expired. The consultant will continue to be paid its current fee of $225,000. In addition, the board will retain UBS Asset Management after the merger of its parent company, Union Bank of Switzerland, with Swiss Bank.
The board also renegotiated the fee for Morgan Grenfell Asset Management, a core domestic bond manager with a $215 million portfolio, to 25 basis points; the board had proposed 23 basis points.
