San Bernardino (Calif.) County Employees' Retirement Association will issue an RFP March 12 for a global fixed-income manager, said Tim Barrett, CFO for the $3.2 billion fund. Proposals will be due April 30, and a final decision is expected by July. Asset Strategy Consulting is assisting.
Maryland State Retirement Systems, Baltimore, next month plans to hire one large-cap U.S. equity manager and two alternative investment managers, said Richard Dixon, board chairman. The board is looking to further diversify the $28 billion fund, Mr. Dixon said. Portfolio styles, sizes and funding sources are undetermined. No RFPs will be issued.
The Public School Retirement System of Missouri, Jefferson City, will issue RFIs March 29 for an enhanced index manager to run about $1 billion and an all-cap domestic manager for $500 million, said Craig Husting, chief investment officer for the $20 billion fund. Strategic Investment Solutions is consulting.
Bowater Inc., Greenville, S.C., is searching for its first emerging markets manager, said Duane Owens, director of treasury services for the $500 million defined benefit plan. No RFPs were issued; consultant BARRA RogersCasey will recommend candidates. Finalists may be named within two weeks, with a decision coming in April, Mr. Owens said. Funding for the $25 million allocation probably will come from reducing U.S. equity investments.
Kenyon College, Gambier, Ohio, is searching for an additional large-cap growth U.S. equity manager to diversify its $100 million endowment fund, said Joseph Nelson, vice president of finance. No RFPs were issued; Cambridge Associates, the endowment's consultant, will recommend candidates. The new manager will run no more than 5% of total assets, but the funding source is still undetermined, Mr. Nelson said. A decision is expected by May.
The City of Arvada, Colo., will issue an RFP next month for a consultant, following a previous unsuccessful search, said Kelly Gottschalk, director of finance for the $75 million retirement fund. Proposals will be due 30 days later.
Texas Firefighters' Pension Commission, Austin, is searching for its first core small-cap U.S. equity manager to run up to $4 million as a result of an asset-liability study, according to Morris Sandefer, pension commissioner. No RFPs were issued; all proposals are being handled by Callan Associates, the $28 million fund's consultant, he said. Funding will come from reducing large-cap value U.S. equity and domestic fixed-income investments, he added. A decision is expected by May.
Vassar College, Poughkeepsie, N.Y., will begin a search for hedge fund firms to manage 4% of the school's $550 million portfolio, according to Jay Yoder, director of investments. Following a staff recommendation, Vassar boosted its hedge fund policy allocation to 14% from 10%. Vassar is seeking styles other than those it already uses. The endowment already has global macro managers, distressed debt managers, and managed futures. Mr. Yoder said the fund hopes to complete the search by the third quarter. The search is being conducted internally, with some assistance from Cambridge Associates.
Illinois State Board of Investment, Chicago, revamped its international equity manager classifications and is likely to search for another non-U.S. equity manager, said Ronald D. Schmitz, chief investment officer for the $8 billion board. The board classified its international managers in three groups -- enhanced index, core and aggressive -- a move that is likely to leave a slot open for another manager, Mr. Schmitz said. The board has $1.5 billion in international equities, and funding for a new manager probably would come from rebalancing existing portfolios. Hewitt is assisting.
Quebec Cartier Mining Co., Port Cartier, Quebec, is considering a multimanager approach for its C$250 million (U.S.$168 million) pension fund, said Louis Provost, general manager-administration and treasurer of the fund. A decision is expected this month. Lincluden is now the sole manager.
The City of Miami Firefighters' & Police Officers' Retirement Trust is considering a search for an international equity manager. A decision is expected by May, said Robert Nagle, administrator for the $1.1 billion fund.
