The $750 million Oklahoma Police Pension and Retirement System plans to issue RFPs later this month for a small-cap growth manager to run $24 million, said Robert J. Wallace, executive director. Mr. Wallace said the RFP will be issued around March 18, but trustees have not established a firm response date.
The system suspended a search for a small-cap value manager to replace David L. Babson, said Mr. Wallace. The board had been concerned about Babson's performance but decided to remain with the firm following evidence of stronger performance in the final quarter of last year and continuing through January, he said.
The $650 million Flint (Mich.) Employees' Retirement System hired two domestic equity managers as part of a new emerging manager program, said John Northrup, board chairman.
Hired were Paradigm Asset Management for a value-oriented portfolio and GLOBALT for a growth equity mandate. Each firm will receive $10 million. Funding for the new managers will come from reducing the portfolios of other domestic equity managers, Mr. Northrup said, but none will be terminated. Callan assisted.
In addition, he said, Callan recently was retained as the fund's consultant, after a competitive bidding process. Also interviewed, he said, were DeMarche, Becker Burke Associates and Asset Strategies.
The $130 million Reichhold Chemicals Inc. pension plan, Research Triangle Park, N.C., hired Putnam Investments to manage a $20 million international equity portfolio.
Putnam replaced a terminated manager; Mike Oliver, the fund treasurer, declined to name the manager.
The $130 million Imperial County Employees' Retirement System, El Centro, Calif., hired T. Rowe Price Associates to run $20 million in small-cap value equities. The fund terminated another small-cap manager, but a fund official declined to name the firm. Mercer assisted.
Trust Fund Advisors hired Smith Breeden Associates as fixed-income subadviser, replacing Cashman Farrell, which is closing at the end of the month.
Smith Breeden will initially receive $200 million to $400 million, but it is expected to eventually manage about $1 billion, said Michael Steed, TFA president. Smith Breeden will manage TFA's intermediate duration portfolio and plans to add a total return portfolio.
TFA chose not to transfer the accounts to PMG Advisors, the firm founded by Cashman Farrell's fixed-income team.
Mr. Steed said PMG is too new and is owned by a bigger financial services firm. TFA prefers a firm focused solely on money management