Police and Firemen's Disability & Pension Fund of Ohio, Columbus, plans to search for its first emerging markets manager after it finishes a review of its $800 million international equity portfolio.
The review should be finished by October or November, said Allen Proctor, executive director of the $8 billion fund.
More money is expected to be shifted to the international stock portfolio to reach the fund's 15% target allocation. The portfolio currently is underweighted. As part of that increase, the fund expects to allocate about $60 million to an emerging markets manager; no timetable has been set.
Separately, the fund hired Boston Partners as a large-cap value manager, American Express as a large-cap growth manager and State Street Global as a S&P 500 index manager and MSCI-EAFE index manager. Boston Partners and American Express will each run $530 million and SSgA $1 billion in the domestic mandate and $250 million in the international portfolio.
Terminated were: large-cap growth managers Bond, Procope Capital, Atalanta/Sosnoff Capital, Value Line and Lakefront Capital; along with large-cap value-oriented Oppenheimer; and passive domestic and foreign equity manager Bankers Trust, which was included in the search. Wilshire assisted.