Fairfax County (Va.) Uniformed Retirement System is close to picking finalists in its search for an equity emerging-markets manager to run 5% of the fund’s assets, said Laurnz A. Swartz, executive director.
The decision to hire was the result on an asset class review. Funding will come from cutting back the allocation to the system’s two existing active international equity managers. Currently, Lazard manages a $42 million portfolio, and Marathon, $75 million, so most of the funding will probably come from Marathon, Mr. Swartz said. The system hopes to pick a new manager by the end of October or early November.
Meanwhile, the system has picked Barclays Global Investors and State Street Global Advisors as finalists in a search for a domestic S&P 500 manager. The $608 million fund is expected to pick a manager next week.
The system will initially fund the manager with up to $20 million, increasing the amount to $100 million over the next several months. Funding will come from $90 million large-cap U.S. equity manager Lazard Freres and Credit Suisse, which ran a $40 million portfolio when it was terminated.
