District of Columbia Retirement Board approved a search for a second active international equity manager to complement Bank of Ireland. Trustees for the $1.8 billion system will decide how much money to give the new manager after it has been hired. Bank of Ireland manages $347.6 million for the system. BARRA RogersCasey assisted.
City of Austin (Texas) Employees' Retirement System is searching for its first domestic small-cap value equity portfolio manager, said Catherine Harrington, pension director. Funding for the $80 million portfolio will come from reallocating the assets of the $1.2 billion fund's current managers. Copies of the RFP are available on the fund's Web site -- www.coaers.org -- and are due by Jan. 7.
Municipality of Anchorage (Alaska) Trust Fund is searching for a small-cap domestic equity manager to oversee $6.6 million, said Daniel Moore, city treasurer. Consultant Callan Associates will make a list of candidates. An announcement should be made in mid-December, Mr. Moore added. The $119 million fund was started this spring with funding from the sale of the Anchorage Telephone Utility. Mr. Moore said the fund's current asset mix is 50% domestic equity, 40% domestic fixed income and 10% international equity. Existing managers are: McKinley Capital Management, $10.3 million, domestic large-cap equity; Sanford C. Bernstein, $10.3 million, large-cap value equity; Vanguard Group $11.1 million, an S&P 500 index fund; Capital Guardian, $7 million, international equity; and BlackRock, $80.5 million, domestic fixed income.
Gainesville (Fla.) Consolidated Police Officers & Firefighters Pension Trust Fund will search for an international equity manager to run up to $7 million for its $70 million defined benefit plan, said Tim Christiansen, investment analyst. The change is due to the recent repeal of a Florida law forbidding police and fire plans from investing in international equity. The fund now is allowed to invest up to 10% in the asset class. The search is expected to begin before the end of the year. The system has not yet determined whether it will send out RFPs. Watson Wyatt is assisting.
Hawaii Employees' Retirement System, Honolulu, will search for two new small-cap domestic managers and one midcap domestic equity manager in the first quarter. Portfolio size and funding source have not yet been determined, said Carol Raber, acting administrator for the $9.7 billion system. RFPs will not be released, she said. The asset mix is 44% domestic equity, 21.2% domestic fixed income, 18.8% international equity, 8% international fixed income, 6.5% real estate, 0.6% mortgages and 0.9% alternatives. Callan Associates is assisting.
Louisiana Teachers' Retirement System, Baton Rouge, plans to issue an RFP for a small-cap domestic equity manager in early 2000 because of a contract expiration, said James Hadley, director of the $11.2 billion fund. The amount of the portfolio was not disclosed.
City of Jacksonville (Fla.) General Employees' Pension Fund will conduct an asset allocation study to start in March, said Angela Wester Morrow, pension coordinator. The $1.5 billion fund's asset mix is 50% domestic equity, 40% fixed income and 10% international equity. Merrill Lynch Consulting Services Group is assisting.
Mount Holyoke Endowment Fund, South Hadley, Mass., is reviewing its asset allocation, particularly with regard to alternative investments, said Janet Hickey, trustee and chairwoman of the fund's investment committee. Trustees of the $350 million fund want to understand their total allocation to alternatives, as many commitments have not been fully funded, Ms. Hickey said. The fund's asset allocation is 40% domestic stocks, 15% international equities, 25% bonds and 20% alternative vehicles.