South Carolina Retirement Systems, Columbia, asked Mercer Investment Consulting to conduct a broad review of its domestic small-cap equities managers to "see what other managers are out there," said Michael Sponhour, a spokesman for the $21 billion fund. Mercer is expected to present its recommendations to the investment panel in the next few months, but it is not certain if the system will hire any additional managers, Mr. Sponhour said.
The system has seven small-cap equity managers running a total of $1.67 billion. State Street Global Advisors runs $123 million in a small-cap index fund, and Fidelity Investments handles $239 million in core. Active growth managers are TimesSquare Capital, $313 million, and Suffolk Capital Management, $181 million. Active value managers are J.L. Kaplan Associates, $305 million; Boston Co., $284 million; and Benson Associates, $233 million.