Stanislaus County Employees Retirement Association, Modesto, Calif., will keep three managers on review for performance for the second quarter this year, said Tom Watson, retirement administrator. They are: MFS Investment Management, which runs $171 million in active domestic large-cap growth equities for the $1.2 billion pension fund; Putnam Investments, $100 million in active international growth equities; and Charlotte Capital, $84 million in active domestic small-cap value equities.
John Reilly a spokesman for MFS, declined to comment. Sinead Martin, a Putnam spokeswoman, said: "We truly value our longstanding partnership with Stanislaus County, and we look forward to continuing our relationship with them in the future." Rob Mathai, managing partner at Charlotte Capital, didn't return calls requesting comment.
Separately, the board authorized an asset-liability study to be conducted by Strategic Investment Solutions, as expected. Results of the study will be presented to the board's July 12 meeting.
The board also charged the staff with developing plans to study the costs of maintaining its defined benefit plan, in comparison with a defined contribution plan. A study will be conducted over the next three years.
The staff will also produce a plan for investing in alternatives. The fund has no alternative investments but has been studying asset classes this year. In particular, the board has agreed to buy a condominium interest in a county office building for $2.5 million, its first real estate investment. That space will house the pension fund staff and board.