Arlington (Va.) County Employees Retirement System hired SSgA to run $64 million in an S&P 500 index fund, said Gregory A. Samay, executive director for the $1.4 billion system. Funding comes from terminating Legg Mason Capital Management, which ran the money in an active domestic large-cap value equity portfolio, for underperformance, Mr. Samay said. Mary Athridge, a Legg Mason spokeswoman, declined comment.
Separately, the system plans to look for a master custodian, Mr. Samay said. Incumbent Bank of New York Mellon can rebid. We just havent done it for a while, so its time to survey the landscape, Mr. Samay said. The system will begin its search by June 15.