The South Carolina Budget and Control Board investment panel shortlisted three managers each in its search for active domestic small-cap growth and value equity managers for the $21 billion South Carolina Retirement System, Columbia, said Mike Sponhour, spokesman. It will consider TimesSquare Capital, Morgan Stanley Investment and Delaware Investments for the growth portfolio, and Benson Institutional Asset, Clover Capital and Fuller & Thaler Asset for the value portfolio. Both are new allocations; portfolio sizes have not been decided, but funding will come from cutting fixed income. A decision is expected by September. William M. Mercer is assisting.
As expected, the board also approved terminating a $110 million active domestic small-cap growth equity portfolio run by MFS. No timetable was set for hiring a replacement.