The $60 million Natick (Mass.) Contributory Retirement System is searching for its first real estate manager, as a result of a new asset allocation, said Dick Zaccaro, the H.C. Wainwright consultant who is assisting. Proposals are due Oct. 7; however, the system has not yet decided what kind of real estate investment it will make, he said. RFPs for long-term and high-yield bond managers will be issued in early October. The system will follow up with searches for a domestic small-cap value equities manager, an emerging market equities manager and an international bond manager.
The $6 billion New Mexico Public Employees' Retirement Association, Santa Fe, issued RFPs for its first small-cap value equity manager for a $200 million to $250 million portfolio. Responses are due Oct. 16. Finalists are expected to be selected in mid-November. Robert Gish, director of investments for the $6 billion fund, said RFPs also will go out sometime before January for an international equity manager to handle $700 million to $750 million. Incumbent Capital Guardian is expected to bid. More than one manager and more than one investment style may be used, Mr. Gish said. Callan is assisting.
Trustees for the $133 billion California Public Employees' Retirement System, Sacramento, approved a request for proposal for general pension consultant services. The RFP was released at the end of September. Trustees will seek a primary pension consultant, a position now held by Wilshire Consultants and Pension Consulting Alliance, both of which are expected to rebid.
The RFP also will seek consultants for a special projects pool. The deadline for written questions is Oct. 19; the final filing date is Nov. 30. Finalist recommendations are expected Feb. 16 with selections March 15.
The $130 million Brookline (Mass.) Retirement Board is searching for an international equities manager to run $13 million, and a core active domestic small-cap equities manager to run $15 million. Funding for the portfolios will come from existing managers, said William Wolf, director of retirement. Guiness Flight currently manages 10% of the fund's total assets in international equities. Responses are due Nov. 1; finalists will be interviewed Nov. 23.
The $3 billion Alameda County Employees' Retirement Association, Oakland, Calif., investment committee has directed pension consultant Callan Associates to bring back a short list of noncore equity real estate money managers.
The fund is searching for an additional equity real estate money manager. Callan is expected to present the list to the investment committee Nov. 5. Interviews could be held at the Dec. 9 meeting.
The $4.2 billion Army & Air Force Exchange Service, Dallas, is searching for an emerging markets manager as a result of a recent asset allocation/liability study, said Mimi Sauers, chief investment officer. The portfolio size and funding have not yet been determined. A final decision is expected in December. Watson Wyatt conducted the study and Wilshire is assisting with the search.
The $190 million Washtenaw County Retirement System, Ann Arbor, Mich., will issue RFPs for a $10 million international equity portfolio sometime next month, said Catherine McClary, treasurer. The fund recently terminated Wellington Management as an international equity manager for performance reasons. "It is our policy not to comment on such matters," said Lisa Finkel, vice president of corporate communications for Wellington. SEI Capital Resources is assisting.
The $134 million New Bedford Contributory Retirement System, Mass., sometime in November is expected to issue RFPs for either a small-cap or midcap equity manager to replace either its current small-cap or midcap manager for performance reasons, said Robert Allain, executive director for the $134 million fund.
Mr. Allain would not identify which manager (small-cap or midcap) it expects to terminate, but said the new manager can expect a portfolio size of $25 million. A final decision is expected by January.
Watson Wyatt is assisting.
The $55 million Melrose (Mass.) Contributory Retirement System is searching for its first investment consultant, said Joe Tassone, city auditor. The search was prompted by the fund's large unfunded liability ($28 million) and a desire to maximize returns, especially in light of a city law requiring the system, instead of the state, to pay for cost-of-living adjustments, Mr. Tassone said. Trustees will discuss the matter at the Oct. 21 meeting.
The Concord (Mass.) Contributory Retirement System hopes to hire an investment consultant sometime this winter to conduct an asset allocation study for the $50 million fund, said Anthony Logalbo, town treasurer.
