US - The Fresno County Employees' Retirement Association (FCERA) is set to choose a new large cap growth manager for a US$110m mandate, following a search the pension fund initiated earlier this year.
According to the agenda of a board meeting to be held today, the board will hear presentations from Winslow Capital Management, Sands Capital Management and Waddell & Reed Investment Management.
Those three managers were selected at a board meeting on March 3. FCERA general consultant Wurts & Associates had originally shortlisted six managers.
The others were Rainier Investment Management, T. Rowe Price Group and Turner Investment Partners.
The search was approved by the FCERA board after the fund terminated INTECH due to underperformance. FCERA said INTECH underperformed its benchmark by an annualised six basis points in the five years ended December 31 and 68 basis points in the past three years. (Global Pensions, February 8, 2010)
FCERA also selected Integrity Asset Management as small cap manager at the beginning of April. Integrity will replace Brandywine, which was which was fired in October from a $100m portfolio for poor performance. (Global Pensions, October 9, 2010)
Hyperbolic discounting and political temptation: Why Brexit-fuelled AE reversal would be a 'monumental' mistake
The home secretary has suggested AE should be scrapped in the event of a no-deal Brexit. Darren Philp explains why this would be misguided
The trustees of the Kodak Pension Plan No.2 (KPP2) have said it will likely enter the Pension Protection Fund (PPF) in "due course" after reviewing the scheme's investment in Kodak Alaris.
A US company has completed a £285m pensioner bulk annuity for around 1,100 of UK members with Legal & General (L&G).
Former BHS chief Dominic Chappell has been accused of trying to rewrite history as he seeks to overturn a conviction for failing to hand over information to the regulator.