Public Employees Retirement Association of New Mexico, Santa Fe, hired CS McKee to manage $400 million in active domestic large-cap value equities, said Robert Gish, CIO. The $11.3 billion system also extended its contracts with two other active domestic large-cap equity managers - INTECH, which manages $320 million in growth, and AllianceBernstein, which handles $450 million in value.
CS McKee replaced incumbent MFS, which was terminated for performance of a similar style portfolio, Mr. Gish said. MFS rebid. A spokesman at MFS could not be reached by press time for comment. CS McKee uses a quantitative approach that differs from AllianceBernstein, which uses a bottom-up approach, Mr. Gish said.