Worcester pension fund RFPs target emerging markets, index funds

Worcester (Mass.) Retirement System is searching for an active emerging markets equity manager to run $70 million and at least one manager to run passive index funds totaling $225 million in six different strategies, confirmed Elizabeth Early, executive secretary.

The emerging markets mandate must be for commingled or mutual funds only, according to the RFP on Meketa's website. Incumbent Lazard Asset Management is invited to rebid.

The $700 million system is looking for passive managers for domestic large-cap core, value and growth equity, domestic midcap core equity, international developed equity and a natural resources strategy. State Street Global Advisors currently manages the six index funds and is invited to rebid. More than one manager could be hired, Ms. Early said in a telephone interview.

The pension fund currently invests in S&P 500, Russell 1000 Growth, Russell 1000 Value, S&P Midcap, MSCI EAFE and S&P Global Large Midcap Commodities and Resources index funds.

Emerging markets proposals are due at 4 p.m. EDT Oct. 23; index providers, 4 p.m. EDT Oct. 24. Pension fund officials anticipate making hires by the end of the year, Ms. Early said.