SEARCHES & HIRINGS
The $50 billion California State Teachers' Retirement System board, Sacramento, has approved the preparation of an RFP for an adviser or consultant to form a securitization plan for the pension fund's $1.6 billion real estate portfolio. The RFP is expected to be submitted to the board for further approval in January. The $4 billion Rhode Island Retirement Systems, Providence, has approved a search in convertible securities and high-yield bonds. The investment committee voted Tuesday to draft an RFP that will be sent out shortly, said spokesman Steve Klamkin. The $200 million allocation will come from a reduction in domestic short-term fixed income managed by several firms; no firms will be terminated. The committee expects to wrap up the search in the first quarter of 1996. The $230 million Benedum Foundation, Pittsburgh, hired Oechsle International to run $8 million in non-U.S. equities, according to Dwight Keating, vice president. Assets came from cash flow. This is the fund's second commitment to international.