The $6.6 billion Los Angeles City Employees' Retirement System has posted a request for proposal on its Web site for a domestic large-cap value manager to run a $318 million portfolio. The current manager of the portfolio, Loomis Sayles, is going through a reorganization. Loomis will be able to participate in the RFP.
The $800 million Marin County Employees' Retirement Association, San Rafael, Calif., is searching for an active global fixed-income manager to replace Barclays Global Investors. The fund will allocate $38 million to the new manager. The board decided the portfolio needed more active management, said Norman Klein, plan administrator. A decision is expected by the end of September, he said. Asset Strategy is the consultant.
The $196 million Oil, Chemical & Atomic Workers Industry Pension, Lakewood, Colo., is searching for its first small-cap and midcap managers, said Richard E. Nikodym, fund manager. Each will manage $10 million. A decision is expected shortly after the board meets Oct. 28, Mr. Nikodym said. He did not specify the source of funding for the new portfolios. Innovest Portfolio Solutions is assisting.
The Seattle City Employees' Retirement System will issue RFPs Aug. 31 for a custodian and performance consultant. The $1.3 billion plan's contracts with custodian Bank of New York and consultant Wurts & Associates expired Aug. 21, said Mel Robertson, assistant executive director for Seattle. Both incumbents are expected to rebid. Mr. Robertson expects hirings by the first quarter of 1999.
The $37 million Attleboro (Mass.) Municipal Contributory Retirement System is searching for a new custodian because BankBoston has sold its custody division to Investors Bank and Trust, said Kevin Leonard, the Segal Advisors consultant who is assisting. RFPs will go out within the month. Investors Bank and Trust will be allowed to bid, he said.
The Erie (Pa.) Officers & Employees' Retirement Fund will issue RFPs next month for its first international equity manager and two additional balanced managers, said Brenda Pundt, pension coordinator for the $175 million fund. A decision is expected by January. Ms. Pundt said the size of the new portfolios and the source of funding haven't been determined; no existing managers will be terminated. Merrill Lynch Consulting will be assisting.
The investment committee of the $3.3 billion Alameda County Employees' Retirement Association, Oakland, Calif., has approved a search for a second real estate investment manager. The committee put off a decision until September on whether it should be a core or specialty manager. No date has been set for the release of an RFP.
The Brookline (Mass.) Retirement Board, with approximately $130 million in assets, is conducting an asset allocation study and hopes to add two new asset classes that could lead to manager searches, said William Wolf, director, retirement. The fund, which recently completed an asset-liability study, is contemplating adding domestic small-cap stocks and real estate. Wilshire Associates will present a timetable for the study at a Sept. 16 meeting.
The Sisters of Mercy of North Carolina, Charlotte, will consider adding managers for its foundation to handle the proceeds of the sale of one of its hospitals, said Ed Schlicksup, executive director of the foundation. The sale is expected to bring an additional $91 million into the foundation's $150 million portfolio. Officials will begin to look at adding managers next month, with a timetable for searches following as early as October. Arthur Andersen is assisting.
Trustees for the California Public Employees' Retirement System ordered initial staff development of an RFP for a master custodian for the $143 billion Sacramento-based fund. They also gave existing custodian State Street Bank a two-year contract extension. The contract now will end June 30, 2001. CalPERS could complete its RFP process for a master custodian by late 1999, but a choice isn't expected to be made until after the first quarter of 2000. State Street is expected to compete in the RFP.