Kern County Employees Retirement Association, Bakersfield, Calif., is considering a search for an enhanced S&P 500 index manager to handle $85 million cut from Fidelitys $170 million structured enhanced equity mandate, said David Deutsch, retirement administrator. The $1.6 billion plan had been monitoring Fidelitys performance for several months due to performance concerns.
Barclays Global, which manages an S&P 500 index fund for the plan, will run the portfolio in the interim. The plan intends to return the assets to enhanced management.
It also narrowed its searches for a core-plus fixed-income manager and custodian to four finalists each. Wilshire, Goldman Sachs, Reams and BlackRock are the finalists in the core-plus search. A list of finalists for the custodial search was not available by press time.