Public School Employee Retirement System of Missouri, Jefferson City, will start a selective search for an active, all-cap domestic equity manager, using the Russell 3000 as a benchmark, said Craig Husting, chief investment officer for the $20 billion system. Most of the funding for the $500 million mandate will come from reducing allocations to UBS Brinson and Barrow Hanley Mewhinney & Strauss, each of which manages $1.1 billion in large-cap stocks. Finalists will be selected by May, he said. Strategic Investment Solutions is assisting.
Puerto Rico Electric Power Authority, San Juan, is searching for a small-cap value manager for its $1.6 billion pension fund, said Grant Kalson, consultant to the fund. The trustees are seeking a manager with a diversified portfolio focusing on most or all sectors in the Russell 2000 value index. The $25 million to $35 million mandate previously was managed by a contrarian microcap firm Mr. Kalson would not name.
The Marion County Law Enforcement Trust, Indianapolis, will issue an RFP for one to two domestic fixed-income managers and two domestic equity managers to diversify its $100 million defined benefit plan, according to Joe Bill Wiley, consultant to the trust. Proposals will be due on April 15. Mr. Wiley said prospective managers should request a copy of the RFP by e-mail only: "No phone calls will be accepted." The e-mail address is [email protected] A decision is expected by June. Capital Cities is assisting.
The Manchester (Conn.) Retirement Allowance Fund issued an RFP at the end of March for an additional international equity manager with an emphasis on growth, to diversify the $90 million fund, said Alan Desmarais, director of finance. The new manager will run about $4 million. Proposals will be due in mid-April, with a decision expected by May. Investment Advisers Inc. and Hotchkis & Wiley each run a $4.5 million EAFE portfolio for the fund. PaineWebber is assisting.
Fondenergia, the private pension fund for Italy's energy industry workers, is seeking managers for its 146 billion lire ($82 million) pension fund. The move is the first outsourcing for the Rome-based fund, which will consider global balanced funds, domestic and international equities, and domestic and international bonds. A maximum of four managers will be selected. Applications must be received by April 20. The fund expects to begin allowing participants to select from among several investment options in a year.
New Mexico State University Foundation, Las Cruces, is searching for a midcap growth to large-cap growth U.S. equity manager to diversify its $49 million foundation, said Marcia Muller, vice president of university advancement. No RFPs were issued; all proposals are being handled by Merrill Lynch. INVESCO is the foundation's current large-cap value U.S. equity manager, said Ms. Muller. A decision is expected by May.
New York City Retirement Systems is planning to issue an RFP later this year for its first enhanced index manager, said Jane Levine, deputy comptroller for pensions for the $40 billion system. Neither the size of the allocation nor the funding source has been determined, she said.
Armstrong World Industries, Lancaster, Pa., is considering a search for an additional high-yield bond manager for diversification and will make a decision at its April 12 investment committee meeting, said Joel Wittenberg, director of pensions and investments for the $1.8 billion defined benefit plan. Portfolio size and funding source are undetermined. Cardinal Capital Management is the plan's current high-yield bond manager.
The Oklahoma Law Enforcement Retirement System, Oklahoma City, may begin a search for a small-cap growth U.S. equity manager shortly after its April 15 board meeting, said Mary E. Hanning, executive director for the $450 million fund. Ms. Hanning, who declined to discuss the reason for the search, did say up to $25 million will be allocated to the new manager. DeMarche Associates is assisting.
Louisiana Baptist Foundation, Alexandria, may begin an asset allocation study, which could lead to manager changes, shortly after its April 21 board meeting, said Barbara Bell, controller for the $89 million foundation. The current asset mix is 60% domestic fixed income and 40% domestic equity. Ms. Bell said the study will be conducted by Wayne Taylor, executive director for the foundation.