South Carolina Budget and Control Board, Columbia, will conduct a shortlist search for an active domestic large-cap equity manager to run $257 million for the $20.5 billion South Carolina Retirement System, replacing J.P. Morgan Fleming Asset Management, confirmed Delbert Singleton, secretary to the board. The termination, approved today, was made because of high personnel turnover; the board will choose a replacement based on recommendations from consultant Mercer Investment Consulting. The money will be parked in an S&P 500 index fund run by State Street Global Advisors.
The Budget and Control Board also approved a shortlist search for a second active domestic large-cap equity manager, but the portfolio size was not available, Mr. Singleton said. New manager recommendations are likely to be made by Mercer at the next board meeting at the end of June, he added. Funding will probably come from cutting the system’s fixed-income allocation; in March the board approved increasing the system’s equity allocation by 2.5 percentage points, from 30%.