San Francisco City & County Employees' Retirement System trustees approved an RFI for a Russell 1000 value index fund manager. The process is expected to be completed in the next few weeks. The fund's board hasn't decided how much money to allocate to the manager chosen, but one estimate is about $300 million.
The $10 billion fund also will be looking for a small-cap value manager. No estimate on the amount of money to be allocated to that manager was available. It had been expected an RFP for that manager search would go out in August and a selection would be made by the end of November. However, those dates are uncertain now as the board re-examines its calendar.
Money for the new managers will come from rebalancing after a reallocation plan is completed. The fund intends to increase its pure passive allocation to around 15.8% of assets from 12.5%. The fund's total domestic equity is about 41% of assets.
Asset Strategy Consulting is assisting.