Orange County Employees Retirement System board, Santa Ana, has authorized staff to conduct a search for a fixed-income index manager to run a $150 million portfolio for the $4.1 billion fund.
The board also changed benchmarks for some of the fund asset classes, Mr. Majeed said. The benchmark for U.S. equities was changed to the Russell 3000 from the Standard & Poors 500; international equity was changed to the MSCI All-Country World (ex-U.S.) benchmark from a blended benchmark of the MSCI EAFE and emerging markets; and domestic fixed income was changed to the Lehman U.S. Universal index from the Lehman Aggregate Index benchmark. The board also changed Delaware Investment Advisers benchmark to the Russell 1000 Value from the S&P 500, and STI Capitals benchmark to the Russell 1000 Growth from the S&P 500. It also modified the passive component of the domestic equity managers allocation to 40% from 34%.