San Bernardino County (Calif.) Employees' Retirement Association will select a manager on Oct. 20 to run $220 million in international growth equities, said Don Pierce, Investment officer. The previous manager, T. Rowe Price, was terminated for performance, Mr. Pierce said. Finalists are New Star Institutional, Oechsle International and TT International.Brian Lewbart, T. Rowe Price spokesman, said the company does not discuss client matters.
The board of the $4.2 billion system is also expected to decide whether to approve New England Pension Consultants' recommendation that the fund restructure its developed markets equities allocation, currently 13% of total assets. The adjustments would include trimming growth and value to 3 percentage points each, from 5; and increase core to 7 percentage points, from 3%. Currently, Capital Guardian manages active core, Brandes Investment Partners runs active value and T. Rowe Price handled growth.
Separately, the board voted to invest $20 million each in the RREEF American REIT III and Bryanston Retail Opportunity funds, both non-core real estate investments, Mr. Pierce said. The fund is trying to hit its non-core real estate target.