Orange County (Calif.) Employees Retirement System has short lists for a small-cap growth manager and a real estate manager. Real estate candidates are Allegis; INVESCO; RREEF; and PM Realty. Finalists for a $75 million small-cap growth portfolio are TCW Group; John McStay; and Geewax, Terker, according to Farouki Majeed, the $3.9 billion fund's investment officer. The board is expected to make a decision in February.
Separately, the board at its Jan. 11 meeting took Schroder Capital off the watch list because of improving performance, Mr. Majeed said. Schroder manages a $233 million international equity portfolio with an EAFE mandate. The board also approved the transfer of between $10 million and $12 million from its EAFE portfolio to an emerging market fund that is co-managed by Capital Guardian and Schroder. STI Capital Management, which manages a $220 million large-cap growth portfolio, will remain on the watch list, where it was placed when the portfolio manager left the firm. ``We're watching to see how they are managing the portfolio to see whether we notice any significant changes,'' he said.
