The City of New Orleans Employees' Retirement System hired INTECH to run $30 million and ClearBridge Asset Management to run $10 million, both in active domestic large-cap growth equities, confirmed Jerry Davis, chairman. The $400 million pension plan also increased its allocation to long-short equities manager Okumus Capital to about $5 million, from $3 million.
Funding came from terminating Davis Hamilton Jackson, which managed $24 million in active domestic large-cap growth equities, and reducing portfolios managed by Ariel Capital Management, Calamos Asset Management and Goldman Sachs Asset Management by 25% to 35% each. Ariel will now manage $15 million in active domestic smidcap value equities; Calamos, $25 million in active domestic midcap and large-cap growth; and Goldman Sachs, $11 million in active domestic midcap growth equities, Mr. Davis said. Consultant Morgan Stanley assisted in the shortlist search.
The fund's other active domestic large-cap growth manager, Holland Capital, improved its performance and was kept on as manager of a $5.5 million portfolio. The firm had been on watch since the second quarter. Holland's contract expires May 1.
