LeRoy Gilbertson, director of the $19 billion Arizona State Retirement System, Phoenix, announced his retirement, effective next January. Mr. Gilbertson has been director of the plan since 1994.
The retirement system will issue RFPs in July for a firm to advise on the search for Mr. Gilbertson's replacement, said Paul Matson, chief investment officer. Details of the search have not been determined.
Separately, the system hired four active domestic midcap equity managers and created a new internally managed enhanced passive midcap value equity portfolio, Mr. Matson said. Forstmann-Leff and Frontier will manage $71 million each in growth; Franklin Associates, $212 million in core; and Wellington, $94 million, core. The internal portfolio comprises $260 million in value equity, he said. The plan eventually will outsource management of $71 million from the internally managed value equity portfolio, he said. The source of funding could not be determined by press time.