Virginia Retirement System, Richmond, hired Baillie Gifford, Robeco and Sanford C. Bernstein to manage $375 million each in international developed markets large-cap equities; and Nicholas-Applegate to manage $275 million in small-cap international equities. Two existing managers received additional allocations: Credit Suisse Asset Management, $100 million in international small-cap equities; and Goldman Sachs, $275 million, international small-cap equities. Funding came from cash flow distributions from private equity allocations, said Nancy Everett, chief investment officer for the $40.6 billion fund.
The system terminated Deutsche Asset Management, which managed $380 million in a European stocks portfolio; and Clay Finlay, which managed $380 million in small-cap developed markets equities and emerging markets, said Safa Muhtaseb, investment officer in charge of international equities. It also reduced Acadian Asset Managements $633 million in developed and emerging markets portfolios to $340 million.