Phoenix City Employees’ Retirement System is searching for two active domestic equity managers to run $60 million to $70 million each, one in small-cap growth and one in midcap value, for the $1.4 billion system.
Funding will come from terminating Nicholas-Applegate, which ran $140 million in systematic, active domestic small-cap growth, said Rey Servin, administrator for the system.
Nicholas-Applegate was terminated because of performance issues, he said. Spokesman Rick Shaughnessy said Nicholas-Applegate regrets losing the client and hopes to work with the system again in the future.
RFPs are available from consultant Becker Burke Associates at [email protected] .com. Proposals are due by April 27, and managers will be chosen May 23, said Mr. Servin.