Butler County (Pa.) Employees Retirement System is searching for a fixed-income manager and an equity manager, to run $31 million each, said Diane Marburger, county treasurer. The $62 million fund plans to place ads in Pittsburgh-area newspapers listing its criteria for the new managers. The fund will be split between equity and fixed income. The equity allocation will be: 20% of total assets in a portfolio benchmarked to the Russell 2000 index; 20% in active all-cap core equities; and 10% in active international equities. The fund is now managed by C.S. McKee and is split 60-40 between equity and fixed income; McKee was invited to rebid.
Managers that want to be considered should contact Legg Mason. County officials expect to make a decision on fixed income by the end of November.