Stanislaus County Employees Retirement Association, Modesto, Calif., named finalists for passive equity and active small-cap value equity portfolios, said Robert Harmon, administrator. The $950 million pension fund is considering Bank of New York, its custodian, and Deutsche Asset Management to run a $45 million passive S&P 500 index portfolio. Finalists for a $65 million relative small-cap value portfolio are Charlotte Capital, TCW, Benson Associates and Strong Capital. Plan officials hope to make selections in the third quarter, Mr. Harmon said.
The moves are the result of an asset allocation study conducted by Strategic Investment Solutions, Mr. Harmon said. Small-cap value, which is run by Dodge & Cox, is being dropped to 17%, from 27%; small-cap growth, managed by TCW, is being cut to 5%, from 10%; international equities, run by Putnam, up to 15%, from 10%; and fixed income, run by , trimmed to 36%, from 38%; the small-cap value and S&P 500 strategies are being added, he said. Large-cap growth, managed by MFS, remains at 15%.