Search activity for the first quarter of 2017 was up 38.6% from the prior quarter, but down 12.9% from the first quarter of 2016. Notable searches included the New York City Retirement Systems looking for index and smart-beta managers for more than $50 billion in equity assets. The PBGC issued a large RFP for fixed-income LDI managers.
In hiring activity, $42.9 billion was at stake, up 19.9% from the previous quarter and 0.8% from the first quarter of 2016. Legal & General Investment Management received $2.5 billion for its Future World Fund from HSBC Bank (U.K.) Pension Scheme. Fonds de Reserve pour les Retraites allocated $5.2 billion for an equity ESG mandate to Amundi, Robeco and Candriam. The Employees' Retirement System of Rhode Island hired Aberdeen and BNY Mellon for a $624 million crisis protection portfolio. There were four modest OCIO hires in the quarter.