Maersk Inc., Madison, N.J., is conducting shortlist searches for three active equity managers to run a total of $45 million, said Tom Steckel, director of employee benefits. The $80 million plan is seeking two domestic growth equity managers, one large cap and one small cap, and an international equity manager, he said. Specific allocations have not been determined.
Funding might come from terminating J.P. Morgan Fleming, which runs a total of $30 million in all three styles, and Fidelity, which runs $15 million in active domestic large-cap growth equities. Both firms will be asked to rebid; the searches are not performance related, he said. Consultant Mercer Human Resources will contact managers by mid-June, with selections by the end of July, he said.
The plans asset allocation is 60% equity, 25% fixed income and 15% cash.