Alameda County Employees' Retirement Association, Oakland, Calif., named three finalists in its search for an active domestic large-cap value equity manager to run about $165 million.
The $8.3 billion pension fund's board approved naming Aristotle Capital Management, Eagle Capital Management and Wellington Management at its meeting Thursday, said Agnes Ducanes, administrative specialist.
The pension fund conducted a shortlist search in the fall of 2019 because of performance concerns with current manager Pzena Investment Management, according to an earlier memo from Verus Advisory, the pension fund's investment consultant, which is assisting with the search.
Pzena did rebid for the services. Gary J. Bachman, Pzena's chief operating officer, could not be immediately reached for comment.
The board approved further due diligence and on-site visits with the finalist managers. Ms. Ducanes referred questions to ACERA's Jan. 8 investment committee meeting minutes.
As of Sept. 30, the actual allocation to domestic equities was 27.9%; the target is 25%.