City of St. Louis Employees Retirement System hired active domestic large-cap managers LSV Asset Management and CastleArk Management to run about $45 million in value and $38 million in growth, respectively, said Richard Frank, secretary of the $500 million pension fund. The managers replace Wellington Management for value and RCM for growth; both firms had been on watch since the second half of 2004 and were terminated for performance, he said. Summit Strategies assisted.
Wellington spokesman John Steinberg did not return a call seeking comment by press time. RCM spokeswoman Jennifer Callahan said it was a pleasure working with the city and the firm hopes to do business with it again.