Sonoma County Employees’ Retirement Association, Santa Rosa, Calif., is conducting a shortlist search for three or four transition managers, said Steven Marsh, investment analyst.
The $2.4 billion pension fund is conducting the search because it wants to have a “bullpen” of potential transition managers from which the pension fund can select based on their strengths in different asset classes, Mr. Marsh said. The pension fund currently has a single transition manager, State Street Corp., which Mr. Marsh said will be part of the search.
He added the pension fund hopes to have the multiple transition managers in place by the end of the year.
Investment consultant Aon Hewitt Investment Consulting is assisting.