City of New Orleans Employees Retirement System selected WEDGE Capital Management to run $20 million and Hancock Investments to run $10 million, both in active domestic large-cap value equities, said Jerry Davis, chairman of the board of trustees. The two firms replaced incumbent Armstrong Shaw, which ran $34 million in the same style for the $410 million fund. The remainder was put into cash.
Fund officials decided to look for a new manager because Armstrong Shaw's performance fell short of the Russell 1000 Value index benchmark. Morgan Stanley conducted an invitation-only search over the summer.