Concord (Mass.) Contributory Retirement System is conducting six investment manager searches for the $165 million defined benefit plan.
The board is seeking a global multiasset allocation manager to run between $30 million and $45 million; a passive investment manager to run between $20 million and $40 million across domestic and international equity and fixed income; and an active diversified core fixed-income manager to run between $10 million and $30 million.
It is also conducting searches for active managers of: domestic large-cap core equity, to run between $10 million and $25 million; international core equity, for a portfolio between $5 million and $20 million; and domestic large-cap value equity, for between $5 million and $15 million.
Investment consultant Fiduciary Investment Advisors is assisting with the searches.
The fixed-income, large-cap value, large-cap core and international equity searches are being conducted because the plan's contracts with its current managers for these mandates are set to expire at the end of the year, said Richard Carey, associate research analyst at Fiduciary Investment Advisors, in an email.
The incumbent fixed-income and large-cap value manager is Columbia Threadneedle Investments, while the incumbent large-cap core and international equity manager is Russell Investments. Both are invited to rebid.
The global multiasset and passive index mandates have no incumbent managers, Mr. Carey said.
For the passive account, the board is looking for core fixed income benchmarked against the Bloomberg Barclays Aggregate index, domestic equities benchmarked against the S&P 500 and Russell 2000, and international equities benchmarked against the MSCI All Country World index ex-U.S., MSCI EAFE and/or MSCI Emerging Markets indexes. The board expects to award the full mandate to one manager.
Core fixed-income proposals must be long-only with an emphasis on core securities. Core-plus strategies will not be considered.
The RFPs are available on Fiduciary Investment Advisors' website.
Proposals for the global multiasset allocation, passive and core fixed income searches are at due 4 p.m. EDT March 26, while proposals for the large-cap core, large-cap value and international core equity searches are due 4 p.m. EDT March 29. There is no set timeframe for selections, said Mr. Carey.