CalPERS investment committee on Monday will vote on searching for a manager to run $19.2 billion in passive international equities. State Street Global Advisors has managed the assets since July 1989; its contract with the $151 billion California Public Employees Retirement System, Sacramento, expires June 30.
CalPERS staff and Wilshire, the funds consultant, have a list of six potential managers: SSgA; Alliance Bernstein Institutional; Barclays Global Investors; Deutsche Asset Management; Mellon Capital; and Northern Trust Global Investments.
Separately, CalPERS staff plans to conduct onsite visits to 11 managers that are competing to run between $1 billion and $2 billion in high-yield bonds. They are: Highland Capital; Shenkman Capital; ING Ghent; J.P. Morgan Fleming; ING Furman Selz; Nomura; Strong Capital; Merrill Lynch; PIMCO; Credit Suisse; and Nicholas-Applegate. Three to five managers are expected to be recommended at the November or December investment committee meeting.