American Airlines Inc., Dallas-Fort Worth Airport, is searching for one or possibly two managers to run a portion of its $350 million emerging-market value equity portfolio, said Kirk Brown, manager-international investments for the $8.4 billion defined benefit fund. A minimum of $75 million would be allocated to a single manager, which would come from the existing emerging market equity portfolio, which is managed by three firms. The current managers are: J.P. Morgan, $140 million; Morgan Stanley, $50 million; and Gulf Stream Global, $160 million.
The search, which is being conducted in-house, probably wont be finished until late next year, since the selection process requires candidates to manage a paper portfolio for six to nine months. No RFPs were issued.