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PERS adds two managers to watch list and authorizes search to replace EPIC
Summary
Trustees voted to add Artisan Partners and RiverBridge to the watch list for underperformance, remove Wellington, and authorize staff to initiate a search to replace EPIC Investment Advisers; the committee also approved candidate search criteria for a global equity manager.
The PERS investment committee moved to update its public watch list and to start a search for a replacement for Epic Investment Advisers.
Staff told trustees that Artisan Partners and RiverBridge should be added to the watch list because of rolling three-year underperformance. Wellington, previously on the watch list because of turnover in key personnel, has improved and was recommended for removal. Trustees voted to add the two firms, remove Wellington and to authorize staff to initiate a search to replace EPIC, citing ownership and investment-team changes at that firm. The motion to update the watch list and initiate the EPIC search passed on a voice vote.
Separately, trustees approved the candidate profile and search criteria staff will use to identify potential global-equity replacements. Staff said Callan will use its global manager database to produce candidates and staff will retain discretion to evaluate any client-recommended managers alongside database candidates.
Trustees indicated they would carry the motion to the full board as appropriate.
