The New Mexico Public Employees' Retirement Association, Santa Fe, has restructured its $3.4 billion international equity portfolio, adding a new active small-cap developed markets portfolio, said Robert Gish, CIO. Officials at the $12.5 billion system plan to search for one or two managers to run $500 million in the new portfolio, as well as a manager to run $500 million in core and another to manage $500 million in growth. Funding will come from restructuring the system's current international equity portfolios, he said. Capital Guardian manages $1.3 billion in active core; JPMorgan, $600 million in active growth; and AllianceBernstein, $500 million in active emerging markets. The incumbents will be invited to bid; none has been terminated.
Fund officials expect to make manager selections for the core and growth portfolios by April, and for the developed markets portfolio by Sept. 30. R.V. Kuhns is assisting.