South Carolina Retirement System, Columbia, is beginning a search for a domestic large-cap growth manager to run $400 million, said Sandra Morelli, principal at William M. Mercer, consultant to the $18 billion pension fund.
The fund also selected managers for three domestic equity mandates, subject to contract negotiations, site visits and approval by the state’s Budget & Control Board, which will vote on the selections in late January, Ms. Morelli said.
Funding for all of the hires will come from cash and reducing existing domestic fixed-income portfolios.
The system’s domestic equity managers will run the following portfolios: Fidelity, 75%, and Ferrell, 25% of a small-cap to midcap core mandate; J.P. Morgan and Wellington, 50% each, large-cap core; and Sanford Bernstein, 40%, Flippin Bruce & Porter, 20%, and Institutional Capital, 40%, large-cap value.
