SEARCHES & HIRINGS
Indiana Public Employees' Retirement Fund, Indianapolis, has begun a search for managers for what eventually will be $2 billion to $2.5 billion in passive and enhanced passive U.S. equity assignments, said Garth Dickey, executive director of the $8 billion fund.
Under Indiana state purchasing rules, the fund issued a broad agency announcement seeking managers for four assignments in both large- and small-cap passive and enhanced passive U.S. equity. Written questions about the announcement are due at Indiana's procurement office by Dec. 1, with proposals due Dec. 19.
Under state law, fund staff will not be involved in the search. Additional information will be available on the Internet at www.state.in.us/idoa.
Indiana already has $900 million in equities with ANB Investment Management.
Separately, trustees terminated W.R. Lazard for a $73 million fixed-income assignment. Of that, $30 million will be given to Hughes Capital Management, which already runs $31 million for the fund. The balance will go into a fixed-income index fund managed by ANB.
California Public Employees' Retirement System, Sacramento, narrowed its search for U.S. equity managers to 25 strategies from a previous list of 65. The $124 billion system plans to select about 10 strategies for about $8 billion.
Managers included are: Brinson; Denver Investment; Geewax, Terker; RCM; Dimensional Fund; Ark Asset; Rosenberg; State Street; Trinity; Brown Capital; Boston Co.; Oppenheimer; New Amsterdam; Putnam; Oak; Goldman Sachs; RB Haave; U.S. Trust of New York; Cohen Klingenstein; and Fleming Capital.
Some managers were picked for more than one strategy. The list could be further narrowed in February after on-site inspections. Final selections are expected in March.
Alaska Permanent Fund trustees, Juneau, voted to hire AEW Capital Management to manage a $300 million REIT for the $19 billion fund, said Jim Kelly, director-communications.
Funding could come from a reallocation. Trustees haven't decided specifics.
Chicago Firemen's Annuity Benefit Fund hired Invista Capital and Invesco to manage active core international equity portfolios of $25 million each.
The firms replace J.P. Morgan, which was terminated because of poor performance, said Ken Kaczmarz, executive director of the $1 billion fund.
Mercer assisted. A J.P. Morgan spokeswoman declined to comment.
City of Allentown (Pa.) Employees' Retirement System hired Seix Investment Advisors to manage $40 million in ``broad-based'' intermediate U.S. fixed-income.
The assets will come from Meridian Investment, which will continue to manage the $35 million U.S. equity portion of its formerly balanced portfolio. The transfer of funds might not take place until year end, and contracts have yet to be signed, said Linda Bodnar, director of finance.
Legg Mason assisted the $137 million fund.
Pontiac (Mich.) Policemen and Firemen Retirement Fund hired PNC Equity Management, Loomis Sayles and STI Capital Management as small-cap managers.
PNC will manage $10 million in small-cap growth equity; Loomis, $10 million in small-cap value; and STI, $5 million in small-cap value. The firms replace Kennedy Capital Management, which was terminated because of poor performance. Kennedy managed $18.3 million for the $208 million fund.
Officials at Kennedy could not be reached for comment. The rest of the funding for the hires came from cash. Callan assisted
