ST. LOUIS -- The Firemen's Retirement System of St. Louis probably will drop its balanced management mandate following the completion of an asset allocation study now under way, said John Brewer, executive director for the $450 million fund.
"I think the balanced mandates will be gone," Mr. Brewer said. He declined to speculate whether any manager searches would result.
Mercer, the fund's retainer consultant, is likely to have the study's results and recommendations in September, he said.
The fund now has three balanced managers that oversee about 73% of the fund, Oppenheimer Capital, PanAgora and Trade Street, all of which have a 55% stocks/45% bonds benchmark, he said.
The fund's other managers are: Mississippi Valley Advisors for small-cap U.S. equities; Abacus Financial, U.S. fixed income; and Bankers Trust and Scudder, non-U.S. equities.