Louisiana Teachers' pension fund eyes domestic small-cap value equities
By Rob Kozlowski | December 5, 2012 3:00 pm
Louisiana Teachers' Retirement System, Baton Rouge, will search for an active domestic small-cap value equity manager to run about $340 million in the first quarter of 2013, confirmed Dana Brown, director of public markets.
The $13.8 billion pension fund will issue a solicitation for proposals sometime in the first quarter because the contract of current manager Fiduciary Management Associates is expiring. FMA will be invited to rebid, according to Mr. Brown.
The board of trustees at its meeting on Tuesday also approved the rest of the search lineup for next year.
Before the end of 2013, the pension fund will issue solicitations for proposals for active domestic large-cap value equities, passive international equities, active international large-cap growth equities, high-yield bonds and private equity. The timetable for the searches will be determined at a later date and likely will be based on contract expiration dates of current managers.
Investment consultant Hewitt EnnisKnupp is assisting.
Separately, the pension fund named AllianceBernstein (AB), Fred Alger Management and Janus Capital Management (JNS) as finalists in its search for an active domestic small-cap growth equity manager to run about $200 million.
Finalist presentations and a selection will be made at the pension fund's board meeting Jan. 7-8.
An SFP was issued in October on the recommendation of Hewitt EnnisKnupp to revisit the strategy. Current manager Perimeter Capital Management was invited to rebid.