Teachers' Retirement System of Louisiana, Baton Rouge, is issuing an RFP for three active EAFE managers to run a total of $900 million, said Dan Bryant, chief investment officer for the $10.2 billion fund. The search results from contract expirations. Proposals will be due July 30. Incumbents Scudder Kemper, Smith Barney Asset Management and WorldInvest are expected to rebid. A decision is expected by October. Holbein & Associates is assisting.
Melrose (Mass.) Contributory Retirement System is searching for a real estate manager and a domestic small-cap equities manager, following the adoption of a new asset allocation, said Kevin Leonard, the Segal Advisors consultant who is assisting. The $43 million system will allocate 5% each to the managers for the new asset classes. The fund also might consider searching for two real estate managers, core and non-core, instead of one, he said. The fund's new asset allocation is 42% core domestic stocks; 6% domestic small-cap stocks; 7% international stocks; 40% domestic fixed income; and 5% real estate. The fund's previous asset allocation was 54% domestic equities; 5% international stocks; 36% domestic fixed income; and 5% cash.
Natick (Mass.) Contributory Retirement System is sending out RFPs in about a week for a new consultant, said Kathleen Bacon, director. The $60 million fund terminated H.C. Wainwright a few months ago because of differences of philosophy, Ms. Bacon said. The deadline for completed proposals is July 24, and the fund expects to have a new consultant on board by September. Also, the fund has put a hold on its search for a real estate manager until it hires the new consultant, Ms. Bacon said.
Wyoming Retirement System, Cheyenne, sent out 38 RFPs for its first domestic small-cap equity manager, said James Allen, director. The $4.5 billion fund is looking for one manager to run 5%, or $225 million, of the plan's assets. The funding will come from the system's existing managers. Proposals are due July 1. Buck is assisting.
Oregon Public Employees Retirement System, Salem, will begin a review of its 16 domestic equity managers and 12 international equity managers in August to see if changes are needed for the $33 billion fund, said Dan Smith, director of investments. The system is expected to make a decision by October. Frank Russell will conduct the study.
Plumbers, Local 14, Lodi, N.J., is considering a search for an additional large-cap value U.S. equity manager to diversify the $60 million defined benefit plan, said Charles Iversen, administrator, said. A decision is expected by July.
Wayne County Employees' Retirement System, Detroit, might search for a small-cap U.S. equity manager and add REITs, international fixed income and high-yield bonds as new asset classes, said Rich Noelke, deputy director. The proposed changes, to be discussed at the $1.2 billion fund's June 14 investment committee meeting, are the result of an asset allocation study. The new mix was not available. The previous mix was 63% domestic equity, 2% international equity, 28% domestic fixed income, 4% mortgages and 3% cash. The Burridge Group, running $485 million in midcap growth, and Banc One, running $268 million in core large-cap, are the fund's current domestic equity managers, he said. Decisions might be made at the June 28 board meeting. Merrill Lynch conducted the study.