Indiana Public Employees Retirement Fund, Indianapolis, hired four managers to run a total of $1 billion in concentrated active domestic equity portfolios, said Patricia J. Gerrick, chief investment officer. The $10 billion system hired Sands Capital Management and Turner Investment Partners to run $250 million each in large-cap growth, and Merrill Lynch Investment Managers and Osprey Partners Investment Management to manage $300 million and $200 million, respectively, in large-cap value. The funding source will be determined later this month, Ms. Gerrick said. The moves are an effort by the fund to seek better risk-adjusted returns through a concentrated strategy, she said.
Mercer Investment Counseling assisted.