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April 14, 1997 01:00 AM

The New Mexico Permanent Endowment Fund, Santa Fe, likely will be...

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    The New Mexico Permanent Endowment Fund, Santa Fe, likely will be searching for its first external investment managers after the governor signed legislation last week codifying a constitutional change liberalizing the investment policy, according to Philip J. Archibeck, the state investment officer. The $7.6 billion fund is searching for its first consultant. It hopes to finish that search next week.

    The fund expects to search for managers initially in international equities and domestic small- and midcap equities. The searches could begin later this year.

    The fund plans to continue to run internally its domestic large-cap equities and fixed income.

    The U.S. Congress, which set up the fund when New Mexico became a state, has to approve the plan to change; Mr. Archibeck expects approval in the next month.

    Money managers might start answering RFPs for the $110 billion California Public Employees' Retirement System over the Internet. The investment committee for CalPERS is expected to vote today on whether to approve a new RFP for domestic equity managers that will be posted at the CalPERS web site. The proposed RFP asks that respondents apply for assignments now held by existing managers that manage about $7.2 billion for CalPERS. As proposed, the RFPs tentatively would be posted April 15 for active domestic equity managers and May 19 for passive domestic equity managers; finalist presentations would be held Dec. 12.

    Southwest Gas Corp., Las Vegas, will be considering the addition of small- and midcap equities over the next few months. The $200 million fund invests in large-cap equities and closely mirrors the S&P 500, said Jeff Shaw, treasurer; the additions would help to diversify the fund.

    Trustees will discuss the possibilities at their next meeting in late September.

    Northern Trust Co.'s record growth in trust and custody assets during the last year helped the bank increase its fee income, but that has been tempered by prices negotiated with its clients.

    Trust fees from Northern Trust's corporate and institutional services unit - which includes institutional trust and custody - rose 8% to $78.4 million during the first quarter, compared with $72.8 million a year ago. Total trust assets grew 27% to $815.9 billion by March 31, and assets under management rose 19% to $136.3 billion. Bank officials said the increase in trust assets was moderated by lower fees for clients using the bank for several relationships, such as foreign exchange service, whose revenue is not reflected in trust fees.

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