CalPERS today renewed the contracts of 17 international equity managers, nine enhanced index equity managers and four active domestic equity managers, each for a year.
Among those renewed by the $215.2 billion California Public Employees' Retirement System, Sacramento, is State Street Global Advisors, which runs $13.3 billion in passive international equities. While the portfolio is currently being moved to CalPERS' internal index team, general consultant Wilshire Associates recommended renewing the contract until the transfer of assets is completed.
The active international managers are: Acadian Asset Management, $1.06 billion; Baillie Gifford, $982.7 million; Arrowstreet Capital, $928.9 million; Grantham Mayo van Otterloo, $927.2 million; AllianceBernstein, $605 million in value and $536.5 million in growth; New Star Institutional Managers, $556.7 million; and Robeco, $511.9 million. The international enhanced index equity managers are: Barclays Global Investors, $1.17 billion; AQR Capital Management, $1 billion; Baring International, $946 million; and Quantitative Management Associates, $813.2 million. The European managers are: AXA Rosenberg, $1.17 billion, and Capital Guardian, $641.8 million. The emerging market managers are: AllianceBernstein, $1.53 billion; and Dimensional Fund Advisors and Genesis, $1.5 billion each. The Pacific Basin manager is Nomura, which handles $1 billion.
The enhanced index domestic managers are: INTECH, $1.3 billion; BGI, $1 billion; Franklin Portfolio Associates, $941 million; Quantitative Management Associates, $932 million; Western Asset Management, $586 million; T. Rowe Price, $585 million; Smith Breeden, $580 million; Goldman Sachs Asset Management, $464 million; and Atlantic Asset Management, $342 million.
The active domestic managers are: AllianceBernstein, $690 million; Pzena Investment Management, $675 million; Boston Co., $663 million; and Geewax Terker, $513 million. Wilshire executives had told the system in a memo that it is "closely watching" AllianceBernstein and Pzena because of recent underperformance. Neither John Meyers, spokesman for AllianceBernstein, nor William Lipsey, Pzena managing principal, marketing and client service, could be reached by press time for comment.
Separately, CalPERS committed $750 million to TPG Partners V; $300 million to Thomas H. Lee Partners Fund VI; $150 million to Carlyle Asia Partners II; €100 million ($126.9 million) to Rhone Capital III; and $50 million to New Enterprise Associates 12.