South Carolina Retirement System, Columbia, is beginning a search for a domestic large-cap growth manager to run $400 million, said Sandra Morelli, principal at William M. Mercer, consultant to the $18 billion pension fund.
Montgomery County Employees' Retirement System, Rockville, Md., is planning to issue an RFP by the end of December for an operational review of the $1.8 billion fund, which will include examining its relationship with custodial banks, staffing needs and adherence to best practices. The deadline for the RFP will be the end of January.
Maryland Teachers & State Employees Supplemental Retirement Plan, Baltimore, is issuing new RFPs through a formal procurement process for stable-value managers for its 401(k) and 403(b) retirement plans and its 457 deferred compensation plan, said Mike Halpin, deputy executive director. Trustees for the $1.5 billion fund made the decision after reviewing responses to an earlier RFP. "If somebody was going to customize a product . . . it would require us to go through the formal processes of an open bid," he said. No deadline has been set.
New Mexico Public Employees' Retirement Association, Santa Fe, in January will issue RFPs for three core-plus, non-dollar fixed-income managers to manage a total of $2 billion. Contracts with three of the $7.7 billion fund's four fixed-income managers will expire early in 2000, said Robert Gish, executive director. Interested firms are invited to submit inquiries in writing. Callan Associates is assisting.
Shelby County Retirement System, Memphis, Tenn., in January will begin searching for a domestic large-cap growth equity manager, an international equity manager and a domestic technology equity manager, said David Pontius, manager of pension investments. The defined benefit plan has assets of $700 million. The searches follow an asset allocation study and manager review that dictated a $40 million allocation to large-cap equity, $30 million to international equity and $30 million to technology equity. The searches are expected to be concluded in the first quarter. Consulting Services Group assisted.
New Orleans City Employees' Retirement System instructed consultant Morgan Stanley Dean Witter to start a search for an international equity manager because of concerns over State Street Global Advisors' performance, said Jerry Davis, chairman of the board of trustees. SSgA, the system's only international equity manager, handles a $12 million portfolio. Domestic large-cap equity and domestic fixed-income manager reviews will be conducted next year.
Teachers' Retirement System of the State of Illinois, Springfield, investment committee recommended creating an emerging and minority-owned manager program and instructed staff and general consultant Strategic Investment Solutions to research a fund-of- funds approach. The hirings of emerging/minority-owned firms will be conducted separately from the fund's previously reported search for nine new managers to fill gaps in its restructured asset allocation profile. As part of the restructuring, trustees are scheduled to hire two domestic all-cap growth equity managers and two domestic small-cap to midcap managers at the February board meeting, when the board also will consider restructuring the plan's private equity investments. In March, the board will select one domestic large-cap value equity manager and one domestic enhanced large-cap value equity manager; and in May, the board will hire two active core international equity managers and one active core international fixed-income manager. Strategic Investment Solutions is conducting the manager searches; information on RFPs is not yet available.
Oklahoma Public Employees' Retirement System, Oklahoma City, is planning to issue an RFP in March for a domestic high-yield fixed-income manager to handle a portfolio of between $90 million and $100 million for its $4.8 billion defined benefit plan. Funding has not been determined. Interested firms may contact the central purchasing division of the Department of Central Services to be placed on the vendor list.
Port Terminal Railroad Association, Houston, will search for several money managers and a custodian early next year to revamp its $12 million defined benefit plan. Salmon Smith Barney currently provides custody, investment management and consulting services in a "wrap" program. Controller/Treasurer Tom W. Parker said Salomon is welcome to submit proposals for the manager and custody searches.
