The $9 billion Indiana Public Employees' Retirement Fund, Indianapolis, will search for fixed-income managers in a major overhaul of its fixed-income assets, said E. William Butler, executive director for the pension fund. Indiana will look for core managers, possibly in passive assignments, and possibly some minority managers, he said. The search will cover about 40% of the fund's portfolio, and all managers' assignments are up for grabs. Existing managers will be allowed to reapply for their spots.
The $30 million Marlborough (Mass.) Retirement System is searching for an S&P 500 index fund manager to run a $5 million portfolio following an asset allocation study by its investment consultant, Meketa Investment Group. The deadline for RFPs is Jan. 29, said Margaret Shea, executive director. Money for the new investment will come from a blended style equity fund run by Freedom Capital and cash, Ms. Shea said.
The $10.2 billion Teachers' Retirement System of Louisiana, Baton Rouge, issued an RFP Jan. 11 for one midcap growth and one value equity manager, said Dan Bryant, chief investment officer. Proposals are due March 5. The search comes because of expiring contracts with four current midcap U.S. equity managers. Incumbent managers NM Capital, Fleet Financial, George D. Bjurman and Wellington are expected to rebid. Mr. Bryant said the four run a total of $300 million. A decision for the midcap growth manager is expected by May, and a decision on the value manager by June. Holbein Associates is assisting. Separately, Mr. Bryant said a search for an EAFE manager will begin after the midcap search is completed.
Wisconsin Electric Power Co., Milwaukee, is searching for an international equity manager to run $50 million for its $856 million defined benefit plan, said Gordon Willis, treasurer. The mandate will be broad, but the manager must be able to invest in small-cap international equity, emerging markets and the EAFE. The search is the result of an asset allocation study that doubled the international equity allocation to 20% of total assets. A selection is expected by the end of the quarter. Callan is assisting.
The $9.2 billion Kansas Public Employees' Retirement System, Topeka, will issue an RFP Feb. 8 for a small-cap U.S. equity manager to run $260 million, said Scott Peppard, assistant investment officer. The system is looking to increase its small-cap equity exposure to 15% from 4%, said Mr. Peppard. Proposals will be due three to four weeks later; a decision is expected in May. Pension Consulting Alliance is assisting.
The $1.1 billion Oklahoma Police Pension & Retirement System, Oklahoma City, will issue an RFP within the next two weeks for an alternative investment manager to help the fund reach a 5% target, said Robert J. Wallace, executive director. The new manager will run between $5 million and $7 million; funding will come from reducing domestic equities. Asset Consulting Group is assisting.
Certified Grocers of California, Los Angeles, will issue an RFP within two weeks for a master trustee for its $40 million defined benefit plan, said David Woodward, treasurer. Incumbent Bank of America's departure from the master trustee business prompted the search.
The University of South Florida Foundation, Tampa, is expected to issue an RFP for a high-grade convertible bond manager shortly after its Feb. 19 board meeting, said John Scott, chief financial officer for the $195 million endowment. Society Asset Management, which already runs $17 million in high-grade convertible bonds, will manage the $17 million previously run by Phoenix, Duff & Phelps until a manager is hired, said Mr. Scott. He declined to say why Phoenix is being replaced.
West Virginia University Foundation Inc., Morgantown, is considering a search for its first alternative investment manager to diversify its $175 million endowment and is expected to make a final decision Feb. 6, said Craig Walker, vice president of finance and administration. Morgan, Keegan is assisting.
The $825 million Stanislaus County Employees' Retirement Association, Modesto, Calif., board of trustees is expected to approve an RFP for a small-cap equity manager within the next two months. If approved, the fund will look for one manager to run $82.5 million, which would be allocated to it over the next couple of years, said Robert G. Harmon Jr., retirement manager. The money will come from cash. The fund's consultant, Capital Resources recommended the RFP.
The $9 billion State of Hawaii Employees' Retirement System, Honolulu, will review the results of an asset allocation study Feb. 8 and determine if alternative investments should be added as an asset class and if a search for an additional real estate manager is necessary, said Nathan Fischer, chief investment officer. Callan Associates conducted the study.
