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Ohio Bureau of Workers’ Compensation wants minority-/women-owned firms to run passive equity

Ohio Bureau of Workers' Compensation, Columbus, is searching for minority-owned and/or women-owned managers to run a total of $250 million in passive domestic large-cap equities for the $26 billion State Insurance Fund, said an RFP on the state's procurement website.

The bureau is looking to switch its minority- and women-owned business enterprise program, which has an overall target of 1%, to passive managers from active managers. According to a memo to the bureau's investment committee and board of directors from Bruce Dunn, chief investment officer, and Lee Damsel, director of investments, since the program's inception in 2011, "the program's returns have been meaningfully below its target benchmark to the broad Russell 3000 U.S. equity index."

Attucks Asset Management and Leading Edge Investment Advisors are the only managers in the program, each running about $125 million, since they were originally hired in September 2011.

According to April 27 investment committee meeting minutes, neither manager is expected to be a candidate because they manage only active strategies. Officials at Attucks and Leading Edge could not immediately be reached for comment.

The RFP is available on the state's procurement website. Proposals are due by 2 p.m. EDT on July 18; a hiring decision is expected Aug. 25.