Santa Barbara (Calif.) County Employees' Retirement System hired...

Santa Barbara (Calif.) County Employees’ Retirement System hired Sanford C. Bernstein to run a $140 million domestic large-cap value equity portfolio, and Wells Capital Management to manage $100 million in core fixed-income assets, said Bernice James, assistant treasurer for the $1.2 billion fund. The two managers replace Scudder Kemper, which previously ran both portfolios. The firm was let go because of a combination of poor performance and staff turnover, Ms. James said. Scudder Kemper officials did not comment by deadline.