The San Francisco City & County Employees' Retirement System named Bivium Capital Partners, Evaluation Associates Capital Markets, FIS Funds Management, Northern Trust Global Investment Services and Progress Investment Management as semifinalists for its proposed emerging manager fund-of-funds program. The $11.7 billion system plans to award up to $200 million with one or more firms, which will invest the assets with emerging domestic-stock managers. A decision is expected to be made at the board's July 13 meeting. David Kushner, deputy director for investments, argued in favor of including Bivium because the firm presented itself well, even though it has no track record and no assets under management. Bivium might not be ripe for "immediate hire," but the system's staff wants to know the manager better, he told the board yesterday.
Angeles Investment Advisors is consultant.
