Wayne County Employees Retirement System, Detroit, might search for a small-cap U.S. equity manager and add REITs, international fixed income and high-yield bonds as new asset classes, said Rich Noelke, deputy director. The proposed changes, to be discussed at the $1.2 billion funds June 14 investment committee meeting, are the result of an asset allocation study. The new mix was not available. The previous mix was 63% domestic equity, 2% international equity, 28% domestic fixed income, 4% mortgages and 3% cash.
The Burridge Group, running $485 million in midcap growth, and Banc One, running $268 million in core large-cap, are the funds current domestic equity managers.
Decisions might be made at the June 28 board meeting.
Merrill Lynch conducted the study.