Oregon Public Employees Retirement Fund, Salem, is searching for at least one active domestic large-cap value manager to run between $500 million and $600 million total, said Michael Mueller, assistant director-investments. The search by the Oregon Investment Council, which oversees investments of the $36.2 billion fund, follows the termination of Equinox Capital Management, which was dropped for performance reasons in August. Action on the search is expected at the end of this quarter or early in the second quarter. Officials at Equinox couldnt be reached for comment by press time.
When the large-cap value search is over, the fund probably will search for a large-cap growth-at-a-reasonable-price equity manager to run $360 million. Previous manager Brown Capital Management also was terminated for performance in August. A Brown Capital spokesman declined to comment.
Frank Russell will advise on the searches.
Separately, the council extended the contracts of consultants Frank Russell and Pension Consulting Alliance until Dec. 31, 2003.
The council also converted a $16 million core fixed-income portfolio run by Commonfund into a core-plus portfolio. The portfolio is part for the states $56 million Higher Education Endowment.