The $7.8 billion Police and Firemen's Disability & Pension Fund of Ohio, Columbus, soon will issue RFPs for the fund's first global emerging market manager, according to Allen Procter, executive director. Responses are due Sept. 25. The search follows a review of the fund's international portfolio. Up to $400 million will be allocated to one new active manager; the search should be completed in late November or early December. Funding will come from domestic equities and domestic bonds. Wilshire is the consultant.
Orange & Rockland Utilities, Pearl River, N.Y., is searching for an additional international equity manager for its $260 million plan, said Robert J. McBennett, chief investment officer. Mr. McBennett said the fund wants broader exposure. The size of the new portfolio and the source of funding has not yet been determined. The current manager is Bank of Ireland Asset Management, with $15 million. A decision is expected by October. Evaluation Associates is assisting.
The $4.2 billion Orange County Retirement System, Santa Ana, Calif., is searching for a real estate manager, said Farouki Majeed, chief investment officer. The new firm will assume the $100 million portfolio that had been managed by Heitman Capital Management, which was terminated earlier this year. A decision is expected by November. Callan Associates is assisting.
The $950 million San Mateo County Employees' Retirement Association, Redwood City, Calif., is searching for two large-cap value managers, said Sid McCausland, administrator for the fund. The size of, and funding for, the new portfolios have not been determined. A decision is expected by November. Watson Wyatt is assisting.
The $444 million Oklahoma Law Enforcement Retirement System, Oklahoma City, is searching for its first real estate manager, said Mary E. Haning, executive director. The new allocation will be $20 million; the source is undetermined. A decision is expected by November. DeMarche Associates is assisting.
The $2 billion Colorado Police & Fire Pension Association, Englewood, will be searching for an enhanced S&P 500 index manager to manage $75 million to $85 million, said Bill Morris, administrator. RFPs will be issued shortly, with interviews scheduled for November. Funding will come from a $353 million S&P 500 index portfolio managed by State Street Global. Pension Consulting Alliance is assisting.
The $88 billion California State Teachers' Retirement System, Sacramento, approved an RFP -- expected to be issued in October -- for up to 12 managers for a $2.1 billion real estate allocation. Responses are due at the end of December; finalist interviews will be conducted in February. Fund trustees for the first time will allow new real estate managers investment discretion of up to $100 million per transaction. In addition, staff will make the final selection of managers. Staff also will establish a pool of replacement real estate managers in the event a manager is terminated.
The $1.25 billion Fire & Police Pension Fund, San Antonio, Texas, is expected to begin a large-cap manager search later this month after the board reviews its current large-cap managers, said Weir Labatt, executive director for the fund. Mr. Labatt would not say if the new manager would be a replacement. Alliance Capital and INVESCO are the current large-cap managers, with $186 million and $46 million, respectively. The size and source of the allocation are undetermined. The search will be conducted in-house.
The $1.5 billion Oklahoma Police Pension & Retirement System, Oklahoma City, is searching for its first international fixed-income manager, said Robert J. Wallace, executive director for the fund. The $50 million allocation will come from the plan's $71.4 million global fixed-income portfolio. The board wants more of an international focus, he said. An announcement is expected by November. Asset Consulting is assisting.
The $600 million Orlando (Fla.) Public Employees Retirement System will search for an additional real estate manager following completion of an asset allocation study, said Bruce Harter, treasurer for the fund. The new portfolio's size has not been determined, but funding probably will come from cash, he said.
The $300 million Milwaukee Deferred Compensation Board will issue an RFP for a custodian. The RFP is a result of a review of the custodial agreement after the plan's change to trust status, said Gary Brazgel, executive director. The plan's current custodian, Firstar Bank, is expected to participate.
The Wyoming State Loan & Investments Board, Cheyenne, will issue RFPs next month for its first core enhanced index manager, said Sharon Garland, assistant director of finance for the $2.8 billion fund. The size and source of funding for the new portfolio have not yet been determined. R.V. Kuhns is assisting.