San Francisco City & County Employees' Retirement System will issue an RFP for at least one manager to run a total of $200 million to $400 million in active domestic large-cap growth stocks. The $11.8 billion system is conducting the search because of continued poor performance and significant organizational and personnel turnover at current manager RCM Global Investors, according to staff and consultant Angeles Investment Advisors. In April, the system cut RCM's $425 million mandate by $200 million because of performance concerns. That money is being held by custodian Northern Trust pending transition to a new passive Russell 1000 Growth Index portfolio that will be managed by BGI, subject to completion of a contract. RCM may bid on the new RFP. The search will be conducted through the InvestorForce Search Exchange. Responses are due Sept. 3, with semifinalists to be picked by October.
Jennifer Callahan, an RCM spokeswoman, declined to comment.