City of New Orleans Employees Retirement System is evaluating a $35 million active domestic large-cap value equity portfolio run by Armstrong Shaw Associates and may conduct a shortlist search for a new manager in October, confirmed Jerry Davis, chairman. Armstrong will be invited to rebid if officials for the $400 million plan decide to search, said Mr. Davis said, who added that the change was being considered as part of a periodic review.
Fund officials are also conducting a shortlist search for an active fixed-income manager to run a portfolio of undetermined size. The funding source hasn't been identified, but Mr. Davis said none of the existing managers - Aberdeen Asst Management, EARNEST Partners and Orleans Capital Management, which manage roughly $25 million each - would be terminated.
Morgan Stanley Investment Consulting is assisting.