Seattle City Employees Retirement System is parking $346 million in a Barclays Global Investors S&P 500 index fund until it decides on a large-cap mutual fund, said Mel Robertson, assistant executive director for the $1.6 billion system. A decision is expected in early fall. Initially planning to hire new active managers, trustees decided to try a new course, as the systems existing large-cap managers had not beaten their respective indexes.
The system is terminating active large-cap domestic equity managers American Express, $86 million in growth; NCM, $32 million in value; Oppenheimer, $120 million in value; and Sirach, $108 million in growth.
Officials for the four managers did not respond to requests for comment by press time.