San Francisco City & County Retirement System hired Causeway Capital Management to run a $150 million active EAFE value portfolio, a new allocation for the $9.8 billion pension fund, said Clare Murphy, executive director. At its May 6 meeting, the board will also consider hiring another manager to run a second $150 million active EAFE value portfolio, Ms. Murphy said.
The board will also search for one or more managers to run a total of $200 million in active domestic large-cap value equities, Ms. Murphy said. Funding will come from a $310 million portfolio run in the same style by J.P. Morgan Fleming, which was terminated for performance last year. The balance of that portfolio was reallocated as part of a new asset allocation the fund adopted last summer.
The system also is choosing finalists in its search for a consultant for its $820 million 457 plan. The board will receive a shortlist of candidates at the May 6 meeting and could make a selection then.
Also, today is the deadline for submitting proposals in the systems search for an actuary. The current actuary is Towers Perrin, which can rebid; the search was prompted by a periodic review, said Ms. Murphy. System officials hope to interview finalists in May and make a selection by July 1. Liability limitation clauses will be a factor, she said.