Stanislaus County Employees' Retirement Association, Modesto, Calif., hired Bank of New York to manage a $45 million passive equity portfolio tracking the S&P 500 index, said Robert Harmon, administrator. The board of the $875 million pension fund also expects to select a relative small-cap value manager to run about $65 million later this month; the finalists in that search are Charlotte Capital, TCW and Strong Capital. Both are new allocations. Funding will come from reducing other equity and fixed-income portfolios. Strategic Investment Solutions is assisting.