Ventura County Employees Retirement Association, Ventura, Calif., hired Sprucegrove Investment Management to run a $110 million international value-oriented equity portfolio as part of an increase in its international stock allocation, said Tim Thonis, assistant administrator. Funding came from trimming the $2 billion funds target domestic equity allocation to 49% from 53%, while boosting international to 16% from 12%.
Fund officials also terminated Putnam as manager of a $120 million international growth equity portfolio, adding the assets to Capital Guardians existing $100 million international growth-stock portfolio. The change was made to diversify the funds style and did not reflect dissatisfaction with Putnams performance, Mr. Thonis said.
Separately, the system will undertake an asset-liability study late this summer or early this fall, he said. Consultant Ennis Knupp will conduct the study.