Memphis (Tenn.) City Retirement System will decide within 60 days whether to proceed with a search for its first active international value equity manager, said Joseph Lee III, director of finance and administration. The $1.7 billion plan was to interview firms in August, but the process was delayed because the system is conducting "internal due diligence," Mr. Lee said; he would not provide details. The portfolio size and funding source have not been determined. Martin Currie and T. Rowe Price currently run active international growth equity portfolios for the plan, and it also invests in a closed-end international fund with Tattersall.
Separately, the system hired RhumbLine to manage $100 million in an S&P 500 index portfolio, Mr. Lee said. Funding came from rebalancing the plan's fixed-income portfolios.
The plan's asset allocation is 40% equity, 40% fixed income, 15% international equity and 5% real estate. Wilshire Associates is consultant.