District of Columbia Retirement Board, with $1.7 billion in assets, yesterday approved a search for a second international equity manager for developed markets to complement existing manager Bank of Ireland, but asked that investment consultant BARRA RogersCasey first conduct a study to help the system decide whether it should search for an active or passive manager. Bank of Ireland manages $356 million for the system; trustees will wait for BARRA RogersCaseys report before deciding how much of that to shift to the new manager. BARRA RogersCasey also recommended the system consider hiring a currency overlay manager sometime next year.
Also, at the boards Sept. 29 investment committee meeting, trustees decided to terminate LM Capital as a domestic fixed-income manager and shift all $27 million in proceeds to Hughes Capital, hired in July. Hughes will manage $65 million, and the remaining $38 million will come from cash. The board decided to terminate LM Capital because the systems fixed-income structure has changed since the bulk of its assets were transferred to the federal government earlier this year.