San Francisco City & County Employees' Retirement System hired Wellington Management to manage $185 million in active domestic large-cap growth equities, replacing Transamerica Investment Management, said David Kushner, deputy director of investments for the $12.7 billion fund. Transamerica was terminated because four of the company's growth equity portfolio managers left in March, he said. The fund chose Wellington from finalists it picked late last year before it had hired Transamerica; Wellington was "extremely competitive," Mr. Kushner said.
Separately, the fund will commit up to $15 million to Bay Partners XI, an early-stage venture capital fund. Funding will come from cash.