Hawaii Employees' Retirement System, Honolulu, will interview finalists Friday in its search for at least one active domestic large-cap growth equity manager to run a total of about $700 million, said Kimo Blaisdell, CIO. Officials at the $7.8 billion system will interview Ark Asset, Goldman Sachs, Grantham Mayo van Otterloo and Turner Investment; a selection could be made on Friday, he said.
Funding will come from two terminated large-cap growth equity managers - Putnam, which ran $440 million, and Alliance Capital, which managed about $260 million. Putnam was dropped earlier this month because of market-timing allegations against the firm, while Alliance was terminated in August for performance, Mr. Blaisdell said. Alliance's termination was not connected to any investigations of market timing, he added.
Alliance spokesman John Meyers declined to comment; officials at Putnam did not return calls by press time seeking comment.