San Francisco City & County Employees Retirement System approved new sub-asset category targets for U.S. equities that could lead to several searches, most likely for an active large-cap value manager and an enhanced index manager, said Al Casciato, board president. Staff also recommended reducing the core EAFE component as well as emerging and small-cap equity targets in the international portfolio and adding a value-oriented EAFE manager. The board will decide at its Aug. 6 meeting how best to implement the new targets and whether RFPs should be issued, said Clare Murphy, executive director.
Separately, the $11 billion system renewed its contract with Towers Perrin as consulting actuary for one year, said Ms. Murphy. Also, an agreement in principle was reached to retain alternatives consultant Cambridge Associates, and officials expect to sign a one-year contract shortly, said Mr. Casciato.