Arlington County (Va.) Employees’ Retirement System is conducting an invitation-only search for a domestic convertibles manager, said Greg Samay, executive director and CIO of the $1.4 billion fund. Incumbent Advent Capital Management currently runs $70 million, but no decision has been made to terminate the firm, he added. The amount to be invested is to be determined. “We’re just looking for a manager with better risk-return characteristics,” he said.
Investment consultant Ashford Consulting Group will put together a list of firms, and the system’s board hopes to consider recommendations at its next meeting April 5.
