State Teachers' Retirement Fund of Indiana, Indianapolis, will search for an active U.S. large-cap growth and an active U.S. large-cap value manager to run $85 million each. RFPs should be issued in June, following the addition of four midcap U.S. equity managers, said Bob Newland, chief investment officer for the $4.7 billion fund. Funding will come from a $960 million Barclay's S&P 500 index portfolio. After the large-cap searches, trustees may complete a $138 million allocation to real estate by adding REITs, Mr. Newland said. Action probably won't be taken on the issue until late summer or early fall. Callan is assisting.
Wyoming City (Mich.) Employees' Retirement System is searching for its first large-cap growth U.S. equity manager to diversify its $100 million fund, said Joseph Bommarito, finance director. No RFPs were issued; instead consultant Callan Associates will recommend candidates. The new manager will run about $20 million. A decision is expected by July.
Texas Firefighters' Pension Commission, Austin, is searching for its first core fixed-income manager to run $9 million for diversification, said Morris Sandefer, pension commissioner for the $28 million fund. No RFPs were issued; Callan Associates, the fund's consultant, is handling all proposals. Funding for the new allocation is undetermined. A decision is expected by August.
Louisiana Assessors Retirement System, Baton Rouge, is considering hiring its first external domestic fixed-income manager to help run the $70 million internally managed portfolio, said Mike Wooden, assessor and chairman of the investment committee. He said the move also would help diversify the $96 million fund. INVESCO is currently the fund's sole external manager, running a large-cap value U.S. equity portfolio. Portfolio size was not available. While no timetable was set for a decision, Mr. Wooden said the matter will be discussed at the system's July 6 meeting.
Teamsters, Local 445, Newburgh, N.Y., is considering a search for a U.S. growth equity manager to diversify its $240 million defined benefit plan, said Elizabeth Chomicki, fund manager. The portfolio's size and funding source are undetermined. A decision is expected by July. Segal Advisors is assisting.
The Budd Co., Troy, Mich., next month will review its 13 managers and decide if investment strategy changes are needed, said E.D. Wolf, chairman of the investment committee. The review of the $850 million defined benefit plan is expected to be finished by June. Capital Resources is assisting.
The Warren (Mich.) Employees' Retirement Commission is conducting an asset allocation study that could result in changes to its $140 million defined benefit plan, said Christine Cassani, board chairman. The current mix is 60% domestic equity and 40% domestic fixed income. Salomon Smith Barney expects to complete the study by July.
Police and Firemen's Disability & Pension Fund of Ohio, Columbus, will begin an asset-liability study in July. Allen Proctor, executive director of the $8.2 billion fund, expects some reallocation to occur as a result of the study, but is not sure which asset classes would be affected. The asset-liability study will be a first for the fund, which traditionally conducts asset allocation studies. He expects the review to take six months. The current target asset allocation is: 41% domestic equity; 15% international equity; 35% U.S. fixed income; 8% real estate; and 1% private equity.
Choate Rosemary Hall, Wallingford, Conn., might search for an additional Russell 3000 index fund manager to diversify its $135 million endowment, said John Burditt, vice president of administration and finance. State Street Global, which runs a $10 million Russell 3000 index for the endowment, likely will see an increase in its mandate if another manager is not hired, he said. No timetable was set for a decision. Cambridge Associates is assisting.
National Federation of Independent Business, Nashville, Tenn., might search for a new domestic fixed-income manager to run $25 million, replacing Nicholas-Applegate, said Fred Holladay, chief financial officer and vice president. The $40 million defined benefit plan is considering the change because Nicholas-Applegate is selling its domestic fixed-income unit, he said.
