Iowa Public Employees launches $900 million smart beta equity search

Iowa Public Employees' Retirement System, Des Moines, is searching for its first passive smart beta equity manager, said Karl Koch, chief investment officer, in an email.

The selected firm will manage approximately $900 million total across three strategies — U.S. equity, international developed markets equity and emerging markets equity. Only one manager will be hired. The RFP said the $28.5 billion pension fund has pre-selected Russell and FTSE multifactor indexes for the allocations but no further details were provided.

Funding will come from the equity portfolio. It has not been determined whether there will be any manager terminations.

The RFP is available on the pension fund's website.

Proposals are due by 3 p.m. CDT on March 22 with a potential hiring decision in mid-April.

The pension fund has a 24% domestic equity target and 16% international equity target.