NEW ORLEANS -- The $350 million New Orleans Employees' Retirement System is expected to decide at its Nov. 16 board meeting either to replace State Street Global Advisors as a $10 million active EAFE manager or to retain SSgA and search for an additional active international equity manager to help meet a 5% target, said Jerry Davis, board chairman. The fund's current active international equity allocation is around 3%. Morgan Stanley Dean Witter is assisting.
Separately, Mr. Davis said, the board recently met with JMC Capital Management, a small-cap growth U.S. equity manager, regarding its performance. "The board gave them two more quarters to improve their performance before making a decision whether to replace them," he said.
The system had reduced JMC's portfolio to as little as $9.5 million from $30 million, he said.