Seattle City Employees’ Retirement System placed domestic equity manager Snow Capital Management on watch because of “lagging investment performance,” according to recently released minutes from the system board’s Feb. 28 meeting. The board will continue to monitor Snow’s performance through Sept. 30, “at which time the firm will be re-evaluated for performance,” according to the minutes.
The $2.1 billion retirement system’s 2006 annual report showed Snow investing $58 million for the fund as of Dec. 31, 2006, the latest information available; the firm manages large-cap value for the city fund, according to the 2008 Money Market Directory.
“We’re contrarian investors and the second half of last year was difficult for us,” said David Jack, managing director at Snow Capital. “We met with the investment committee and reminded them of our investment approach and portfolio structure … and they chose to stay with our strategy.”
Further information was not available. Mel Robertson, CIO of the fund, did not return a phone call seeking comment by press time.
