South Carolina Retirement System, Columbia, will select two active domestic small-cap equity managers, one growth and one value, to run an undetermined amount for the $21 billion system, said Michael Sponhour, spokesman. Mercer Investment Consulting, whose contract was renewed by the system for another year, is compiling a shortlist for the search. No timetable has been set for hirings, and no RFPs will be issued, he said.
Separately, the South Carolina Budget and Control Board approved an increase in equity exposure for the retirement system to 40%, from the previous statutory limit of 32%, said Mr. Sponhour. The increase is effective July 1. Funding will come from cutting exposure to fixed income to 60% of assets, from 68%.