Nevada Public Employees’ Retirement System, Carson City, will conduct an invitation-only search for an active domestic growth equity manager to run about $650 million, confirmed Ken Lambert, investment officer.
The board of the $23.2 billion system approved the termination of the portfolio’s current manager, AllianceBernstein, for performance. The termination was recommended by investment consultant Callan Associates.
AllianceBernstein will manage the money temporarily in an S&P 500 growth index fund while the retirement system staff conducts the invitation-only search. AllianceBernstein had managed the portfolio for Nevada PERS since 1998.
AllianceBernstein still runs about $4 billion in passive equity strategies for the system.
“Nevada remains a valued client, and we look forward to continuing our partnership with them,” said John Meyers, AllianceBernstein spokesman.