Fairfax County (Va.) Employees' Supplemental Retirement System...

Fairfax County (Va.) Employees’ Supplemental Retirement System terminated two Credit Suisse portfolios, $150 million in large-cap domestic equity and $200 million in active fixed income, and gave them to Barclays Global Investors as part of its greater shift into passive management, said Laurnz A. Swartz, executive director. Barclays now runs the money in a passive domestic fixed-income portfolio and a BARRA/S&P value stocks portfolio. The fund had used Barclays only as a BARRA/S&P growth equities manager. The $1.75 billion system retained Torray and Lazard as active domestic stock managers and J.P. Morgan and Payden & Rygel as active fixed-income managers. The system had rebalanced its domestic equity allocation to 42.1% of total assets, reducing it by $85 million. It shifted $47 million to domestic fixed income — initially to Credit Suisse and then to BGI — with a 36% allocation; and $38 million to international stock managers, with an 11.9% allocation, of which 8.3 percentage points is developed international and 3.6 percentage points is emerging markets. The remaining 10% of the systems assets are allocated to REITs. The system shifted $26 million to Schroder, an existing emerging market manager, and $12 million to Lazard Asset, an existing developed international markets manager.