The $11.5bn (€12.7bn) San Francisco Employees' Retirement System has restructured its international equity mandates but retained existing managers.

The re-apppointment of Nicholas-Applegate Capital Management, Guardian Capital Trust Co and Oechsle International Advisors follows a review in which the fund explored alternative investment strategies for $470m of assets. Clare Murphy, the executive director of the fund, said that it was driven by a bid to increase returns within its Europe, Australasia and Far East (EAFE) mandates.