Kern County Employees Retirement Association, Bakersfield, Calif., cut structured enhanced equity manager Fidelitys $170 million mandate in half. The $1.6 billion plan had been monitoring Fidelitys performance for several months due to performance concerns.
Barclays Global, which manages an S&P 500 index fund for the plan, will run the $85 million while the plan considers a search for an enhanced S&P 500 index manager, said David Deutsch, retirement administrator. The plan intends to return the assets to enhanced management.
The plan also narrowed its searches for a core-plus fixed-income manager and custodian to four finalists each. Wilshire, Goldman Sachs, Reams and BlackRock are the finalists in the core-plus search. A list of finalists was not available for the custodial search by press time.