Virginia Retirement System, Richmond, is conducting a shortlist search for an unspecified number of global equity managers, said Nancy Everett, CIO. Staff at the $35.3 billion fund will run the search. The system has 45% of total assets in domestic stocks and 17% in international equities. Funding for the global portfolios will come from existing equity managers; no one will be terminated, Ms. Everett said. "We did a study and found an opportunity to add value if you look globally," she said.
The system has not finalized other details of the search.