The $3.3 billion District of Columbia Retirement Board's investment committee named three finalists today in its search for a small- to midcap value equity manager.
The finalists are Arnhold & S. Bleichroeder Capital, Franklin Portfolio Associates and Sasco Capital.
Officials of the three firms will attend the board's June meeting. Executive Director Jeanna Cullins refused to say how much the manager would run for the fund or when it would be chosen. This would be a new asset class for the fund. The fund also will review managers' performances in its June meeting.
In addition, the board today formally adopted an 11-step procedure for manager searches today based on guidelines recommended by Bear Stearns last year.