Kern County Employees Retirement Association, Bakersfield, Calif., initiated a shortlist search for an active emerging markets equity manager to run about $49 million, according to Anne Holdren, executive director. Incumbent Capital Guardian, which has been on the $2.5 billion pension plan's watchlist since September 2004, will be reconsidered because of recent improved performance.
The board will review the list of candidates at its Nov. 16 meeting and hopes to make a selection as "quickly as reasonably possible, pending the outcome from the shortlist, due diligence visits and contract negotiations," Ms. Holdren said.
Chuck Freadhoff, a spokesman for Capital Guardian parent Capital Group, said the firm's policy precludes any comment on client matters.
Wilshire Associates is assisting.