Orange County Employees Retirement System, Santa Ana, Calif., named incumbent Callan Associates along with Hewitt EnnisKnupp, NEPC, R.V. Kuhns and Wilshire Associates, as semifinalists to be the $9.4 billion system’s general consultant, spokesman Robert Kinsler, wrote in e-mailed responses to questions.
The contract of Callan, which was general and real estate investment consultant for the system, expired on May 2.
The semifinalists were chosen by the system’s investment committee. The board is expected to select a general consultant first and then select specialty consultants, including real estate, sometime later this year, Mr. Kinsler wrote. No further details were available.
The board’s next meeting is June 20, and the next investment committee meeting is June 29.
Separately, the investment committee committed $50 million to real estate investment fund, CBRE Strategic Partners U.S. Value 6 Fund, Mr. Kinsler stated. The commitment was $10 million more than the staff had recommended after hearing a report from CBRE Strategic Partners officials.
The committee also terminated AXA Rosenberg Investment Management, which manages $55 million in an international small-cap equity portfolio, and transferred those assets to other asset classes to rebalance. AXA Rosenberg was terminated primarily because of a breakdown in its internal reporting structure and turnover at the firm, Mr. Kinsler stated. Specific managers that received the assets were not announced.
Also, the committee approved moving $193 million from an emerging markets equity mutual fund managed by William Blair into a commingled investment trust managed by William Blair sometime later this year, Mr. Kinsler stated. The committee also decided that William Blair should remain on the watchlist. The reason why William Blair was continued on the watchlist could not be determined by press time.