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)
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