The biggest US pension fund, the $172.5bn (e196.3bn) Californian state public workers’ retirement fund, CalPERS, has short-listed seven asset management companies to take care of the fund’s domestic growth equity portfolios, with assets of $4.1bn.
The seven firms are Aeltus, Fifth Third Bank, Franklin Templeton, Goldman Sachs Asset Management, INVESCO, New Amsterdam Partners and TCW.
Proposals were submitted in April and CalPERS’s investment committee will select between two and four of the seven investment managers as finalists by the middle of May.
In March the fund retained State Street Global Advisors to oversee a $17.6bn (e20bn) international equity index fund.
SSgA was chosen from a shortlist of five candidates who responded to a search initiated by CalPERS last October.
SSgA has run the mandate, which tracks a customised FTSE index, for the past 13 years.