St. Louis Employees' Retirement System will launch a search for a passive domestic large-cap growth equity manager to run about $15 million, said Rich Olliges, accounting officer.
The $750 million pension fund will issue an RFP in the next week for a manager potentially to run half of the current portfolio of CastleArk Management, which runs about $30 million in active domestic large-cap growth equity portfolio.
The pension fund originally issued an RFP in May for an active manager to run $30 million due to performance concerns with CastleArk, and is now considering splitting the portfolio between active and passive managers, Mr. Olliges said. Officials at CastleArk could not be immediately reached for comment.
Finalists for the active search are ClariVest Asset Management, Fred Alger Management, Jensen Investment Management and Mar Vista Investment Partners. Interviews may take place within the next month at a special meeting yet to be scheduled, Mr. Olliges said.
Mr. Olliges said the due date for the passive RFP will be sometime at the end of October. It will be posted on the pension fund's website. A hiring date has not been determined.
Investment consultant Summit Strategies Group is assisting.