The Pennsylvania Municipal Retirement System, Harrisburg, is searching for a domestic fixed-income manager. Incumbent First Union will be allowed to bid for the $100 million portfolio, as will Tattersall Advisory Group, which recently was purchased by First Union. Trustees at the $920 million fund decided to do a search because of the recent reorganization at First Union and the purchase of Tattersall, said James Allen, secretary of the board. A decision may be made at the July 15 board meeting. Dahab Associates is assisting.
The New York City Employees Retirement System will prepare an RFP over the summer for its $9.2 billion domestic fixed-income funds, the contracts for which expire June 30, 2000, said Jane Levine, deputy comptroller for pensions. The fund has $39.5 billion in assets. The four other city funds are likely to use the RFP to hire new fixed-income managers when the current contracts expire, she said.
Ohio Bureau of Workers Compensation, Columbus, issued an RFP for a consultant. A previous search was scrapped because of problems with the RFP, said Robert Cowan, chief investment officer for the $17.5 billion fund. Proposals will be due June 7. The number of consultants that will be hired is still undetermined, he said. Contracts of the incumbents -- Gray & Co., Fiduciary Investment Solutions and Callan Associates -- have expired; all three are expected to rebid. A decision is expected by July.
The California State Teachers' Retirement System, Sacramento, probably will do an asset allocation study in September, said Patrick Mitchell, chief investment officer of the $98.5 billion fund. The proposal for the study will be made to the board of trustees at its July 15 meeting, he said. The board will then decide if and when to do the study, which probably will occur in September or October. "We won't know anything about our investment plans until after the allocation study. Any changes we make in our investment strategy won't be made until after 2000," Mr. Mitchell said. The Pension Consulting Alliance is assisting.
JPS Textile Group Inc., Greenville, S.C., is considering an asset allocation study for its $106 million defined benefit plan and its $60 million defined contribution plan, said Ellis Jackson, director of finance. The current defined benefit mix is 40% domestic fixed-income and 60% domestic equity. A decision is expected by July. William M. Mercer will conduct the study.
The City of Charlottesville, Va., will search for its first small-cap U.S. equity manager to run an undetermined amount, and an active EAFE manager to run $6 million, said Greg McNeille, the Dahab consultant who is assisting. Funding for the small-cap and EAFE allocations will come from reducing a balanced account managed by Thompson Siegel & Walmsley, the $65 million defined benefit plan's sole manager.
