San Joaquin County Employees’ Retirement Association, Stockton, Calif., is considering hiring INVESCO as its second active international equity manager, said Robert Palmer, retirement plan administrator. The board of the $1.4 billion pension fund will vote on the selection at its Sept. 14 meeting. Zurich Scudder, which manages a $104 million foreign stock portfolio, will be terminated for poor performance. Laura Trumble, spokeswoman at Zurich Scudder, declined to comment.
The plan will allocate 9.5% of total assets each to INVESCO and Capital Guardian, which was picked earlier this year and now runs about $100 million in active international equities. Additional funding will come from reducing a $263 million domestic bond portfolio run by Dodge & Cox. Final figures in the rebalancing have not yet been set.
Strategic Investment Solutions is the consultant.
