San Mateo County Employees Retirement Association, Redwood City, Calif., hired Boston + Partners as its first large-cap value manager for a $65 million portfolio, said Sid McCausland, administrator of the $950 million fund.
Funding came from reducing a passive $416 million global equity portfolio managed by Barclays Global Investors, said Mr. McCausland.
The fund also is searching for two more large-cap value managers, but the size of the portfolios and the funding source have not been determined, he said.
A decision is expected by November.
Watson Wyatt is assisting.