South Carolina Retirement System, Columbia, is searching for its first large-cap growth equity manager. The $18 billion defined benefit plan expects to give the new manager 14% of the $2.7 billion it eventually will invest in equities, said Michael Sponhouer, spokesman.
Separately, the system approved hiring seven new domestic equities managers: Ferrell and Fidelity, small-cap to midcap core; J.P. Morgan and Wellington, large-cap core; Sanford C. Bernstein, Flippin, Bruce and Porter and Institutional Capital; large-cap value. The allocations for each are: Bernstein and Institutional, $172.8 million; J.P. Morgan and Wellington, $135 million; Flippin, $86.4 million; Fidelity, $60.75 million; Ferrell, $20.25 million. All are pending contract negotiations. Funding will come from cash. Mercer assisted.