Michigan Municipal Employees' Retirement System, Lansing, hired Barclays Global Investors to manage $100 million in an enhanced EAFE index portfolio, said Jeb Burns, CIO. BGI is the first of three managers being sought in the system's revamp of its $400 million international equity allocation; the $3.7 billion pension plan hired BGI earlier this year to run the entire allocation in a passive EAFE fund until all managers are hired.
Delaware Investments, Julius Baer and New Star were named finalists in the fund's search for a manager to run $140 million in active large-cap international equities. Trustees likely will make a selection at their Aug. 13 board meeting.
Separately, the system's staff is looking for an active manager to run $94 million in non-U.S. small-cap equities, Mr. Burns said. The balance of assets in the international equity allocation will be split among the three managers, Mr. Burns said.