Santa Clara Valley Transportation Authority, San Jose, Calif., is narrowing a list of managers to invest the assets of its $150 million pension fund, which now is managed in-house.
Manny Bagnus, SCVTA's investment manager, said the fund's board met June 24 with consultant Mercer to discuss the potential candidates, and will meet with the firm again July 20 to review a list of finalists.
He said the fund is looking to hire one fixed-income manager and one manager each for large-cap value, large-cap index and small-cap value.
The asset mix will be 58% fixed income, 21% large-cap value, 10% small-cap value, 10% large-cap index.
A final decision on hiring money managers is expected by September, at which time SCVTA trustees also will decide whether to retain Mercer.
Thomas Pindelski joined First Union as CFO of its Capital Management Group. The group, with $150 billion in assets, is the investment and asset group of First Union.
Mr. Pindelski, who started this month and replaces Mike Holcomb, previously served as CFO at Nicholas-Applegate Management.
John McDonnald, who joined Nicholas-Applegate as COO from American Express, will assume Mr. Pindelski's duties as CFO July 1