California State Teachers' Retirement System, Sacramento, plans to issue RFPs for up to six passive domestic, international and emerging markets equity managers to run a total of $36 billion, assuming it gets board approval at its Sept. 1 board meeting, said Patrick Mitchell, chief investment officer. Now, Barclays Global Investors manages $20 billion in passive domestic equity and $14 billion in passive international equity; and State Street Global, $2 billion in passive emerging markets equity. The $101 billion system is conducting the search because the contracts are expiring, he said. Separately, the fund is seeking approval to hire 10 managers for its $14 billion securities lending program.
Woburn (Mass.) Retirement System, with $70 million in assets, is searching for a domestic midcap growth stock manager to run 7.2% of total assets, said Gus Aristizabal, the Wainwright Investment Counsel consultant who is assisting. Proposals are due Sept. 21.
Seattle City Employees' Retirement System is searching for three or four international equity managers and two international fixed- income managers because of contract expirations, said Mel Robertson, acting executive director for the $1.5 billion fund. Proposals are due Oct. 15. Prospective managers should download a copy of the RFP from www.wurts.com, he said; phone calls will not be accepted. Incumbent international equity managers New Africa Group, State Street Global and Seligman Henderson, and incumbent international fixed-income managers Barclays Global Investors and Fiduciary Trust, are expected to rebid. A decision is expected by January.
El Paso County Pension System, Colorado Springs, Colo., is searching for its first core intermediate bond manager, said Dave Klemmer, plan administrator for the $155 million defined benefit plan. No RFPs were issued. Summit Strategies Group, the fund's consultant, will recommend candidates. The new manager will receive between $10 million and $15 million. A decision is expected by October.
Attleboro (Mass.) Municipal Contributory Retirement System is searching for a passive domestic equities manager to run $5 million in an S&P 500 index fund, said Kevin Leonard, the Segal Advisors consultant who is assisting the $42 million fund. The deadline for proposals is Oct. 4.
Southbridge Town (Mass.) Retirement System, with $16 million in assets, is searching for a core domestic small-cap stock manager to run $800,000, said Kevin Leonard, the Segal Advisors consultant who is assisting. The search was prompted by the retirement system's need to fulfill its asset allocation. The deadline for proposals is Oct. 4.
Wyoming State Loan & Investments Board, Cheyenne, will issue an RFP in early September that will lead to the hiring of its first international equity managers, said Sharon Garland, finance director for the $3.3 billion pension system. A decision hasn't been made on the number of managers, or the amount of money.
Archdiocese of Los Angeles plans to begin searching in October for a minority-owned small-cap growth U.S. equity manager to run $7 million for its $600 million endowment, said Jose Debase, chief financial officer. He said the new manager will replace Fortaleza Capital Management, which was terminated for performance reasons. Fortaleza officials did not return phone calls by press time.
Vulcan Materials Co., Birmingham, Ala., is considering a search for an index manager for its $475 million defined benefit plan, said J. Wayne Houston, investment officer. Barclays Global Investors runs one index fund and State Street Global Advisors runs two for the plan, said Mr. Houston, who did not divulge portfolio styles or sizes. If a search is launched, both incumbents will be considered. No decision has yet been made about whether an index fund will be added or a current index manager will be replaced. A decision is expected this month.
Mississippi Public Employees' Retirement System, Jackson, might search for another international manager following approval of a new asset mix. The new mix is 50% domestic equity, 20% international equity and 30% domestic fixed income; the previous mix included 5% real estate and had fixed income at 25%. The real estate allocation was never funded. The $15.4 billion system now has $2.1 billion, or 13%, invested with four active international equity managers. The system will search for an international equity manager or managers, add to the existing managers' portfolios, or both.
