The $23.2 billion Nevada Public Employees’ Retirement System (Nevada PERS), Carson City, will be seeking an active domestic growth equity manager to handle approximately $650 million, Pensions & Investments reports. This follows the decision of the retirement system’s board to dismiss the portfolio’s existing manager AllianceBernstein due to performance issues.
The dismissal was suggested by the system’s San Francisco, U.S.-based investment advisor Callan Associates. The search for the new manager will be on an invitation-only basis. Meanwhile, asset manager AllianceBernstein will continue handling approximately $4 billion in passive equity strategies for the retirement system.
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