SAN FRANCISCO - The $8.7 billion San Francisco City and County Employees' Retirement System is searching for an enhanced S&P 500 index fund manager, said Carl Wilberg, portfolio manager-equities.
RFPs are due Oct. 24.
The fund will consider both fundamental-based and derivative-based methodologies. It seeks an expected excess return over the index of 75 to 125 basis points a year with a tracking error of 200 basis points.
The new manager will be assigned $200 million. The staff hopes to recommend finalists to the board in December and schedule finalist presentations in January.
Funding will come from an in-house run enhanced index fund, which will be dropped. Asset Strategy Consulting is assisting.
FALLS CHURCH, Va. - American National Red Cross has begun a search for a midcap to small-cap growth manager for its $800 million endowment fund, said Kathleen Kavanagh, senior investment associate-treasury. The
firm will be assigned about $40 million.
Funding would be from a Russell 1000 growth index fund, managed by State Street on a temporary basis. The fund hopes to complete the search by March.
The fund had dropped Sirach Capital Management, a midcap to small-cap manager. Sirach executives couldn't be reached for comment.
New Orleans Employees
NEW ORLEANS - The $316 million City of New Orleans Employees Retirement System will add a small-cap value equity manager by the end of this year, said Jerry Davis, chairman of the system's investment board.
Mr. Davis said the small-cap manager will invest between $10 million and $25 million to be reallocated from existing equity managers and cash. The search will be conducted by Dean Witter, but will not involve sending RFPs.
St. Louis University
ST. LOUIS - The $500 million St. Louis University endowment fund increased its equity allocation to 80%of the fund, and is conducting a search to fulfill a new $60 million allocation as a result, said Jerry Woodham, treasurer.
The fund now has an 80%equity/20%fixed-income strategic asset allocation, up from its previous 70%30%split, Mr. Woodham said. Endowment officials have begun interviewing both value and growth small-cap managers for the assignment, and hope to make a decision before the end of the year, he said.
Separately, he said the fund has decided to keep more than $25 million of fixed-income endowment and other assets invested with Boatmen's Capital Management, a unit of NationsBank.
New York Office & Professional
NEW YORK - Office & Professional Employees, Local 153 will be adding a 10%international equity allocation to the $216 million defined benefit fund's asset mix.
The change follows an asset allocation study done by Callan Associates. Funding for the new asset class will come from domestic equity fixed-income managers, none of which will be terminated, said George Bueno, fund director. The rest of the new allocation will be: 48%U.S. stocks; 32%U.S. bonds; and 10%real estate.
SACRAMENTO, Calif. - The $2.7 billion Sacramento County Employees' Retirement System is reviewing its domestic equity portfolio and will begin a full-scale asset allocation study by early next year, said Jeffrey States, chief investment officer.
Pension Consulting Alliance is looking at the structure and differing market capitalizations used for the $1.3 billion portfolio and is expected to have recommendations by the end of October.
The fund's current equity managers are Nicholas-Applegate, Alliance Capital, Bankers Trust, Chancellor and Oppenheimer.
NORRISTOWN, Pa. - The $360 million Tri-State United Food and Commercial Workers will consider adding 3%to 4%allocation in either venture capital, microcap equity or real estate to its defined benefit fund's current mix at its December meeting.
Fund officials plan to meet with New England Pension Consultants to discuss possible changes to the fund's investment objectives, said Peter Huegel, trustee. The fund now has 60%stocks and 40%bonds.