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May 20, 1997 01:00 AM

SEARCHING & HIRINGS California Public Employees' Retirement System...

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    SEARCHING & HIRINGS

    California Public Employees' Retirement System trustees approved an RFP Monday for a small-cap passive U.S. equity manager. The RFP is expected to be posted on the Internet around June 18. Dimensional Fund Advisors is now the $110 billion Sacramento fund's passive small-cap U.S. equity manager, running about $1.2 billion. Semi-finalists are expected to be chosen in September and a contract awarded in January 1998.

    The board also delayed the selection of an alternative investment management consultant so additional performance data can be analyzed. A selection is expected in late June.

    Marshfield Clinic, Marshfield, Wis., is searching for a small-cap value and a mid- to large-cap manager for its $400 million defined contribution plan.

    A new small-cap manager will run $10 million and the mid-/large-cap manager will run an unspecified amount of more than $10 million. Trustees to make the changes based on the recommendation of Jeffrey Slocum & Associates, said Tom Bauer, retirement plans manager. Custodian Northern Trust now has the money in a value index fund. The search is expected to be finished in the next couple of months and is being done through Slocum.

    Ithaca College, Ithaca, N.Y., hired Lynch & Mayer as a midcap growth manager, Boston Co. as a midcap value manager and added the Harbor International Growth Fund in a restructuring of its $130 million endowment portfolio. Lynch & Mayer and Boston Co. will split 25% of assets, and 15% will be placed in the Harbor fund. Sanford C. Bernstein and another firm handled the entire fund in balanced portfolios, said Carl Sgrecci, vice president and treasurer. He would not identify the other manager, which was terminated. Sanford Bernstein will continue to run the rest of the portfolio in global bonds, non-U.S. equity and U.S. large-cap equity. Prime Bucholz assisted.

    Midland College, Midland, Texas, hired Conseco Capital to handle $2 million in equity for its $10 million endowment fund. The money had been with NationsBank's trust department, said Rudy Gonzalez, vice president of administrative services. NationsBank continues to manage an undisclosed amount.

    Merrimac Funds, Boston, hired Aeltus Investment Management as a subadviser for its new Merrimac Treasury Fund. The money market fund will be marketed only to institutional investors, said Sean Brennan, president of Merrimac Funds.

    CORRECTION: Frank Russell's lifestyle funds were identified incorrectly in the May 9 P&I Daily. They are the LifePoints Funds.

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