The West Virginia Investment Management Board, Charleston, with about $4.6 billion in pension fund and workers compensation money, is searching for active domestic large-cap equity managers to manage $1.3 billion, said H. Craig Slaughter, executive director. RFPs probably go out this week, and the deadline for proposals will be in late August, he said. The system hopes to hire managers by the end of the year. The pension fund also is searching for domestic small-cap managers to which it will allocate 15% of assets, Mr. Slaughter said. The board has not yet decided whether it will pick active or passive managers, he said, but hopes to pick finalists by September. The system is moving into equities for the first time as a result of a law passed last September.
Polytechnic University, New York, started a search for fixed-income and equity managers after it learned it will soon receive a $190 million bequest to its endowment. The university's investment board July 20 decided to search for two fixed-income and two equity managers. It should come to a decision about the managers within the next two months, said Greg Smith, the university's chief financial officer. The bequest is in shares of Berkshire Hathaway stock; Polytechnic University will receive the money in three months, Mr. Smith said. The endowment now has about $50 million in assets.
The North Carolina Deferred Compensation Plan, Raleigh, will send out RFPs in August for firms to manage the options available to participants. The board has yet to decide what type and how many funds will be added. The $490 million plan's trustees also are considering whether to search for a stable-value manager. Currently, Great West & Annuity Insurance and Morley Capital Management are managers. Mercer is assisting.
Lufthansa German Airlines, East Meadow, N.Y., is considering adding a small-cap equities portfolio to its $200 million defined benefit plan for U.S. employees. Trustees have yet to approve a search and decide on the size of the new asset class. It is expected that the overall equity allocation will not increase and the funding for a new portfolio will come from a reallocation. Buck is assisting.
