The City of Manchester (N.H.) Trust Funds, with approximately $10.6 million in assets, is searching for a domestic fixed-income manager to handle new money expected to come in, said Joanne Shaffer, city treasurer. The city is moving its health insurance and workers' compensation funds into the trust funds from its general funds, said Kevin Clougherty, city finance director. RFPs will go out in the next few weeks. H.C. Wainwright is assisting.
Fort Lauderdale (Fla.) General Employees' Retirement System is searching for a value manager. The mandate size and investment style have not been identified, said Dorothy Holt, pension administrator for the $263 million fund. Dahab Associates is assisting with the search.
Fondo Pensione dei Quadri e Capi FIAT is seeking a global balanced manager and a short-term bond manager to split evenly its 23 billion lire ($13.5 million) pension fund. The move represents the first outsourcing for the Turin, Italy-based fund, which was created Jan. 1, 1998, and covers Fiat's blue-collar workers. Applications must be received by Feb. 26, with final selection of managers to be made April 12. No consultant is being used in the search.
The City of Fitchburg (Mass.) Retirement System, with about $55 million in assets, is searching for its first domestic small-cap equities manager to run about $3 million. The deadline for proposals is March 19. The search is the result of an asset allocation study by investment consultant Segal Advisors. Funding will come from reducing exposure to fixed income. The new asset mix reduced the system's fixed-income allocation to 43% from 48% and added a 5% real estate allocation, which is not expected to be filled until the end of the year, said Kevin Leonard, the Segal Advisors consultant who assisted.
The Louisiana District Attorneys' Retirement Association, New Orleans, will issue an RFP within two weeks for its first large-cap growth U.S. equity manager, said John Vann of John Vann Co., consultant to the $130 million fund. Proposals will be due three weeks later. Funding for the $25 million allocation will come from reducing other U.S. equity investments, he said. The search is the result of an asset allocation study. The new asset mix is 45% domestic fixed income; 50% U.S. equities; and 5% international equities. A decision is expected by June.
San Bernardino County (Calif.) Employees' Retirement Association will issue an RFP in April for a global fixed-income manager to run up to 5% of assets, said Tim Barrett, chief financial officer for the $3.2 billion fund. The search was prompted by performance issues raised by the board regarding incumbent Scudder Kemper, Mr. Barrett said. Scudder, which manages $220 million for the fund, will be allowed to rebid.
University of Iowa Foundation, Iowa City, will search for an additional international equity manager next month, said Larry Bruse, director of finance and treasurer. All proposals will be handled by Cambridge Associates, the $370 million endowment's consultant, and no RFPs will be issued, he said. The portfolio size and style are undetermined, but funding will probably come from rebalancing, said Tiffani Shaw, assistant treasurer. The additional international manager will complement the endowment's current manager, Artisan Partners, which runs a $25.4 million EAFE portfolio. There is no timetable for a decision.
CF Industries Inc., Long Grove, Ill., with $281 million in pension assets, is considering a search for its first large-cap value U.S. equity manager, said Dennis Baker, treasurer. A decision is expected later this month. J.H. Ellwood & Associates is assisting.
Cincinnati Retirement System trustees will meet March 4 to discuss searching for a manager to fulfill a 10% small-cap U.S. equity allocation that resulted from a recent asset allocation study, said Jack Walsh, pension fund manager for the $2.4 billion fund. The search is imminent, although no timetable is set, he said. The new asset mix is 50% U.S. equities; 13.5% international equities; 3% alternative investments/real estate; and 33.5% domestic fixed income. William M. Mercer conducted the study.
The Elwyn (Pa.) Institute is considering a search for its first index fund manager to diversify its $50 million defined benefit plan, and could decide whether to do a search at its Feb. 24 investment committee meeting, said G. David Lee, director of corporate finance. Evaluation Associates is assisting.
