City of Harper Woods, Mich., is considering a search for an active, international equity manager to diversify its $40 million defined benefit plan, said Mickey Todd, city clerk. Templeton is the plan’s current international equity manager, although its allocation probably will be reduced to provide funding for the new manager, Mr. Todd said. Portfolios sizes were unavailable. A decision is expected by September.
Separately, Phoenix Duff & Phelps was hired to replace Becker Capital Management to run $8.5 million in domestic large-cap value equity, said Mr. Todd. Poor performance was the reason for the change, he added. "They’re probably right (in regards to our performance on this account). Second quarter was pretty lousy for us,’’ Patrick Becker, Becker chairman and CIO, said.
