SEARCHES & HIRINGS
Rhode Island State Investment Commission, Providence, approved the preparation of RFPs for U.S. structured core equity managers in a restructuring of its $2.6 billion U.S. equity portfolio.
No timetable has been determined.
The portfolio division will be 25% active value equity, 25% active growth and 50% passive and structured core equity managers.
The bidding will be open to the nine incumbent managers as well as new firms. Amounts have yet to be specified. Wilshire is assisting.
Separately, the $5.3 billion fund will commit $15 million to Doughty Hanson Co. III Fund, a European private equity fund.
The commitment will get the fund closer to meeting its 7% target allocation to alternative investments. Pacific Corporate Group assisted.
DeKalb Employee Retirement System, Decatur, Ga., hired GLOBALT and Peachtree as U.S. core growth equity managers for $25 million each. Funding comes from a portfolio run by INVESCO, leaving the firm with $155 million in equities. The firm's $124 million bond portfolio remains intact.
The board hired the two firms for diversification, said Betty Barton, administrator and employee benefits manager for the $830 million fund. Callan Associates assisted.
American Systems Corp., Chantilly, Va., hired Principal Financial Group as a bundled provider for its $15 million 401(k) plan.
The number of funds offered to employees will increase to 13 from 10. Diversified Investment Advisors had been the provider. The search was conducted in-house.
Cherokee Eastern Band, Cherokee, N.C., hired Kalson & Associates as its first consultant for the $30 million endowment fund and $10 million minors fund.
Kalson will be looking at the band's investment policy and doing an asset allocation study that should be completed before the end of the year. Currently, First Citizens Bank is balanced manager for the endowment and Merrill Lynch is balanced manager for the minors fund.
