Nevada Public Employees' Retirement System, Carson City, ended its search for a manager to run about $400 million in active domestic large-cap value equities, confirmed Laura Wallace, CIO of the $19 billion plan. Instead of hiring a manager, the fund is adding about $400 million to its S&P 500 index allocation. Four firms currently run $5.4 billion in S&P 500 indexed assets: Mellon Capital, AllianceBernstein, Barclays Global Investors and Merrill Lynch, Ms. Wallace said. She could not say how the new allocation would be divided.
Ms. Wallace said there was no single reason for dropping the search, increasing the index allocation was just a better alternative.
Fund officials did not issue an RFP; consultant Callan Associates handled the search, which was conducted in October.