Alameda County Employees’ Retirement Association, Oakland, Calif., will review relationships with international equity manager Global Asset Management and emerging market equity manager New Africa Advisors at its Dec. 9 meeting.
The $3.5 billion fund is concerned with performance by both managers, according to Betty Tse, administrator. Fund officials also want to examine staff changes at GAM and the firm’s pending sale to UBS AG, she said.
The board will consider continued probation or termination for GAM, which manages $180 million for the fund. New Africa Advisors, which manages $7 million, may be put on the watch list or probation, or terminated, according to the meeting agenda.
Alan MacFarlane, managing director for GAM Institutional, said it’s normal for clients to review the firm in light of its pending acquisition. Also, performance has turned around since last summer, he said.
Officials at New Africa Advisors didn’t return phone calls.
Dorn Helliesen & Cottle is the consultant.
