The South Carolina Budget and Control Board investment panel will search for a manager to run $461 million in active domestic large-cap value equities. The firm will replace Institutional Capital, terminated today because of poor performance.
The board manages the $24 billion South Carolina Retirement System, Columbia.
In the interim, the money will be parked in an S&P 500 index fund with a transition manager recommended by Mercer Investment Consulting, which is assisting in the search. Mercer will present a shortlist of candidates at a meeting in March.
Gary Maurer, executive vice president of Institutional Capital, and Pamela Conroy, senior vice president, did not return calls seeking comment.
The board also voted to renew contracts with Montag & Caldwell, which runs $606 million in large-cap growth; Wellington Management, $559 million in large-cap core; AllianceBernstein, $466 million in large-cap value; Flippin, Bruce & Porter, $456 million in large-cap value; and Fidelity Investments, $272 million in small-cap core.