Alameda County Employees' Retirement Association, Oakland, Calif., will conduct a shortlist search for an active domestic, large-cap value, equity manager to run $165 million, recently released Aug. 14 investment committee meeting materials show.
The $8.2 billion pension fund's investment committee approved the search at its July 10 meeting because of performance concerns with current large-cap value manager Pzena Investment Management, a memo from the pension fund's investment consultant Verus Advisory states.
Whether Pzena is invited to rebid could not be immediately learned.
In Verus' proposed timeline in the Aug. 14 meeting materials, the consultant would send an RFP to a list of firms around Sept. 15, recommend a list of candidates in January, and make a decision following finalist presentations in April 2020.
As of March 31, the actual allocation to domestic equities was 30.8%; the target is 28%.
Agnes Ducanes, administrative specialist, and Michael Fara, pension fund spokesman, could not be immediately reached to provide further information.