Santa Barbara (Calif.) County Employees' Retirement System's board is conducting an invitation-only search for a manager to run about $100 million in active EAFE equities plus Canada, said Oscar Peters, administrator. The board of the $1.5 billion system decided to add another active international mandate, taking about $50 million from a $137 million active EAFE portfolio managed by Fidelity Investments and approximately $50 million from a $115 million EAFE index fund managed by State Street Global Advisors, he said. This reduces the fund's index weighting to a third of the international equity portfolio from half, Mr. Peters said. PCA is assisting.
Separately, the system's board shifted the benchmark for a $135 million portfolio run by STW Fixed Income Management from the Lehman Long Bond index to the Lehman Aggregate Bond index, an intermediate bond benchmark.