Public School Retirement System of Missouri, Jefferson City, selected eight managers for its new Equity Manager Alpha Pool active domestic equity portfolio, which is similar to an internally managed fund-of-funds portfolio, said Craig Husting, chief investment officer for both systems.
The $21.6 billion system hired: Analytic Investors and Quadrant One, $50 million each, structured large-cap core; Analytic Investors, $125 million, structured large-cap value; Dresdner RCM, $150 million, active large-cap growth; Next Century Growth, $55 million, active small-cap growth; Westwood, $175 million, active large-cap value; Zevenbergen, $75 million, active all-cap growth; and NewSouth Capital, $55 million, active small-cap value.
The majority of funding will be provided by reducing Brinson’s $975 million active large-cap domestic value and State Street Global’s $975 million passive Russell 1000 portfolios by $270 million each. Additional funding will come from cutting Alliance’s $1.22 billion active large-cap growth domestic equity portfolio by $120 million, and Dimensional Fund Advisors’ $377 million structured small-cap domestic equity and Thomson Horstmann’s $377 million active small-cap value domestic equity portfolios by $35 million each.
