Michigan Municipal Employees Retirement System, Lansing, is revamping its $400 million international equity allocation, said Jeb Burns, director of investments. Staff at the $3.3 billion system is searching for one or more active international large-cap equity managers; they are evaluating whether to do a growth or a value tilt, he said. Portfolio size has not been determined. The system may also add an international small-cap equity manager. System officials hope to have the restructuring done and all managers in place by the end of the summer.
The $400 million is currently managed by Barclays Global Investors in a passive EAFE fund. Some of those assets were actively managed by Lombard Odier, which was terminated; Mr. Burns declined to give a reason for the termination or the size of the portfolio.