New Castle (Del.) County Employees Pension Program plans to hire seven managers, said Gayle M. Logan, pension and benefits manager. Montag & Caldwell and Eubel, Brady & Suttman will run active domestic large-cap equities; Batterymarch and Systematic Financial, active domestic small-cap equities; Julius Baer Institutional, international equities; and Real Estate Management Services and AEW Real Estate, real estate mandates. Allocations will be made in the next two months.
The $270 million system has not determined funding for each manager, the source of the funding or if any current managers will be terminated, Ms. Logan said. New Castle County now uses AllianceBernstein and Friess Associates for large-cap equities and The Vanguard Group for an international index fund. The county does not have small-cap equity or real estate mandates now, Ms. Logan said. The hirings were the result of an asset allocation study. Balentine & Co. assisted.