Contra Costa County Employees' Retirement Association, Concord, Calif., decided to search for an active international equity manager to run about $300 million, according to a recently released audiocast of the May 22 board meeting.
An RFP has not yet been posted on the website.
The search is the result of terminating a Grantham, Mayo, Van Otterloo portfolio for performance, according to the audiocast. GMO spokesman Tucker Hewes did not respond to a request for comment by press time. The assets are being parked in a State Street Global Advisors index fund.
Further information about the search could not be learned by press time.
Separately, the $6 billion pension fund also terminated a $181 million domestic core equity portfolio managed by WHV Investment Management for performance reasons. Kenneth Piper, executive vice president and chief operating officer, did not respond to a request for comment by press time.
The assets were transferred to existing domestic core equity managers INTECH Investment Management and Pacific Investment Management Co., bringing their total portfolio sizes to $259 million and $265 million, respectively.
Marilyn Leedom, CEO, and Timothy Price, chief investment officer, were not available for additional information.