San Francisco City & County Employees Retirement System approved a plan to increase its target alternative investments allocation to 12% of total assets, from 11%, said Clare Murphy, executive director of the $13.3 billion plan. That means increasing the annual commitment pace to $300 million per year in 2006 from the current $225 million, according to a memo from consultant Portfolio Advisors. It is still "too early" for system officials to look for new managers, she said.
Separately, system officials selected 10 finalists in their search for at least one emerging markets equity manager, Ms. Murphy said. They are: Ashmore Investment Management, Brandes Investment Partners, Dimensional Fund Advisors, Genesis Asset Managers, Lazard Asset Management, Mondrian Investment Partners, PanAgora Assets Management, Pictet International and Wellington, along with incumbent Capital International. The purpose of the search is to "replace or complement" the system's sole active emerging markets equity investment, a $392 million growth fund managed by Capital International, which has been under review for performance since the third quarter of 2003, according to a staff memo to the board. Finalist interviews will be held Nov. 29-30, with a selection expected at the Dec. 13 meeting. Angeles Investment Advisors is assisting.