CalPERS staff recommended seven managers as target firms to help manage the funds $4.1 billion domestic equity growth portfolio: Aeltus Investment Management, Fifth Third Bank, Franklin Templeton Institutional, Goldman Sachs Asset Management, INVESCO, New Amsterdam Partners and TCW. Staff will present two to four of the firms as finalists at the investment committees May meeting.
Officials at the $150 billion California Public Employees Retirement System, Sacramento, are concerned that four of its five existing growth managers have underperformed their benchmarks, three use structured approaches, and all five invest primarily in large-cap growth stocks. CalPERS staff wants new managers to complement the funds existing structure, but it has not been decided how many of the existing managers will be retained. Current managers are: Brown Capital Management; Geewax, Terker; Goldman Sachs; Oak Associates; and Putnam Investments. Wilshire is assisting.