Michigan Municipal Employees' Retirement System, Lansing, will conduct an internal asset allocation review that could lead to manager changes, said Jeb Burns, CIO of the $4.4 billion fund. The review will be completed in May.
Also, the investment committee chose Delaware Investments and C.S. McKee as finalists in a search for an active domestic large-cap value equity manager to run $200 million. The board will choose a manager at its March 8 meeting, said Mr. Burns. Funding will come from reducing a $500 million Russell 1000 Alpha Tilt portfolio managed by Barclays Global Investors. Mr. Burns said the change is part of a strategic shift to pure active management from enhanced indexed strategies.
Separately, trustees decided not to add managers a $350 million active domestic large-cap growth portfolio; Wellington Management is sole manager. Staff began analyzing the large-cap growth portfolio in November.