Alameda County Employees' Retirement Association, Oakland, Calif., issued an RFP for an investment consultant. Trustees are conducting the search as part of a re-evaluation of the current consulting arrangement, in which Dorn, Helliesen & Cottle is general consultant; Watson Wyatt conducts searches; and Callan is real estate consultant, said Betty Tse, investment officer at the $3.5 billion pension fund. The deadline for proposals is Feb. 4; Cooper Consultants is assisting. The RFP is posted on the fund's website, www.acera.org, and on Cooper Consultants' site, www.publicpension.com.
St. Paul (Minn.) Teachers' Retirement System is searching for a large-cap domestic equity manager to run $50 million. None of the $825 million defined benefit plan's current managers will be terminated, said Eugene Waschbusch, secretary and treasurer. The funding source has not been determined. A decision is expected in early April. Callan Associates is assisting.
New Mexico Public Employees' Retirement Association, Santa Fe, will issue RFPs in the second quarter for two domestic equity index mandates, said Robert Gish, executive director for the $8.1 billion fund. Currently, Deutsche Bank runs a passive S&P 500 fund and an indexed Russell 1000 growth portfolio for the system, he said. The two accounts total $1.7 billion, he said. Deutsche Bank's contract with the fund expires at the end of September.
Electric Power Board of Nashville (Tenn.) will conduct searches for a master custodian and a consultant later this year for the $158 million defined benefit plan. The board's contracts with custodian US Bank and consultant PaineWebber expire in September and January 2001, respectively. An RFP for the consultant is expected to be released in March, said Decosta Jenkins, vice president of finance and treasurer.
Toronto Transit Commission Pension Fund Society is considering searching for balanced Canadian and U.S. equity managers. Currently, the C$2.2 billion (U.S.$1.5 billion) defined benefit plan employs several North American balanced managers, said John Cannell, treasurer. The fund's goal of hiring more Canadian managers may result in a shift in asset allocation. Mr. Cannell could not provide a list of the fund's current managers.
British Telecommunications PLC Pension Scheme, London, will consider launching an asset-liability study once Watson Wyatt Worldwide completes an actuarial valuation of the plan. The results of the valuation are expected at the end of April, said Colin Hartridge-Price, chief pensions officer. The 30 billion ($48 billion) plan last ran an asset-liability study roughly four years ago, he added. Hermes currently manages the bulk of the fund in a 25.2 billion balanced mandate. Mercury Asset Management runs a 2.2 billion U.K. equity mandate, and Schroder is responsible for 972 million in Japanese equities and a 1.56 billion mandate of European ex-U.K. equities.
Indiana Public Employees' Retirement Fund, Indianapolis, is conducting an asset-liability study, which will be followed by an asset allocation review. The $10 billion defined benefit plan just completed an overhaul of its domestic fixed-income portfolio by hiring six new managers. Northern Trust Global Investments and Lincoln Capital Management were hired to manage $1.8 billion and $600 million, respectively, in a passive strategy, said William Butler, executive director of the $10 billion defined benefit plan. The fund also hired four new active managers: BlackRock; Western Asset; Seix Investment Advisors; and Utendahl Capital Management. The amount of these mandates was not available at press time. More managerial changes may be on the way.
VIA Rail Canada, Montreal, is planning to increase its exposure to alternatives. The C$1.4 billion (U.S.$965 million) defined benefit plan is considering the move as a result of a recently completed asset allocation study. The rail system expects a high rate of return and will diversify its portfolio, said Chris Caswell, director of corporate financial services. In addition, VIA will consider adding currency overlay management. Mr. Caswell cited the plan's high foreign exposure and its need to manage risk as reasons for adopting currency overlay. There is no timeline for a decision, he said.