New Orleans City Employees' Retirement System instructed consultant...

New Orleans City Employees’ Retirement System instructed consultant Morgan Stanley Dean Witter to start a search for an international equity manager because of concerns over State Street Global Advisors’ performance, said Jerry Davis, chairman of the board of trustees. SSgA, the system’s only international equity manager, handles a $12 million portfolio. The system may increase that allocation to $25 million to $30 million, he said. Domestic large-cap equity and domestic fixed-income manager reviews will be conducted next year following a decision on the international equity management. The fund also hired Delaware Investment Advisers as its sole small-cap growth domestic equity manager, replacing JMC Capital Management, which was terminated because of poor performance, said Delaware will manage a $12 million portfolio. Officials at JMC did not return calls by press time.