New Orleans City Employees Retirement System hired two international equities managers. Waddell & Reed will run $10 million and US Trust will run an as yet undetermined amount for the $380 million system.
The system soon will search for a convertibles manager. The size of the portfolio has not yet been determined, but the new manager probably will handle $15 million to $20 million initially, said Jerry Davis, board chairman. No timetable has been set.
Morgan Stanley Dean Witter is assisting.