Strathclyde Pension Fund, Glasgow, is searching for a manager for a 130 million ($206 million) U.K. smaller companies mandate. Trustees for the 6 billion plan hope to appoint a manager by April, said Richard McIndoe, chief pensions officer. One reason for the search is that incumbent manager Hill Samuel Asset Management is merging with Scottish Widows; also, the fund is concerned about performance problems. Hill Samuel officials didn't comment by press time.
Alameda County Employees' Retirement Association, Oakland, Calif., has re-opened bidding for an investment consultant. Since the original posting, the $3.5 billion fund's consultant, Dorn, Helliesen & Cottle, resigned, and the pension fund reduced the number of meetings that the consultant must attend. Cooper Consultants is assisting on the search. The new deadline for submitting proposals is March 15.
Los Angeles Fire & Police Pension System is searching for a search consultant, a performance measurement consultant and a net lease manager, according to Thomas Lopez, chief investment officer for the $12.8 billion fund. Watson Wyatt is the search consultant incumbent and Wilshire Associates is the performance measurement consultant incumbent; both are competing to retain their positions, Mr. Lopez said. The net lease manager search is for a new subasset class, he added. Finalists should be selected and presented to the board by May, he said.
San Mateo County Employees' Retirement Association, Redwood City, Calif., with $1.3 billion in assets, is issuing requests for information for a new investment consultant, said Sid McCausland, chief executive officer. Current consultant Watson Wyatt, whose contract expired at the end of 1999, is invited to apply, he said.
Sterling Heights (Mich.) General Employees' Retirement System is about to begin a search for a large-cap value domestic equity manager to handle between $15 million and $20 million for the $80 million defined benefit plan, said Rick Sanborn, treasurer. The search is being undertaken because the system has become concerned with incumbent manager Loomis Sayles' performance, he said. A spokeswoman for Loomis Sayles declined to comment. Interested firms should contact consultant Merrill Lynch. RFP response dates have not yet been set.
City of Gainesville (Fla.) Consolidated Police Officers' and Firefighters' Retirement System is searching for its first international equity manager. The search is being prompted by the $75 million defined benefit plan's attempt to diversify. The new manager will receive a $7 million mandate, said Tim Christiansen, investment analyst. Interested firms may contact consultant Watson Wyatt in Atlanta.
Arizona Deferred Compensation Committee, Phoenix, will issue an RFP this month for a new bundled provider for its 401(k), 457 and 403(b) plans. The plans, which have a combined value of $400 million, are conducting the search because their contract with PEBSCO is expiring this summer, said Rick Griffeth, chairman. Interested firms should contact the Arizona Department of Administrative Procurement to be placed on the bid list. A decision is expected in July.
Sanford (Fla.) Police & Firemen's Pension Funds, with $30 million in assets, plans to search for a new balanced manager.SunTrust Bank is sole manager, but fund officials are concerned about poor performance and management turnover, said Greg McNeillie of consultant Dahab & Associates. SunTrust did not return calls for comment by press time. An RFP will be available on Dahab's website, www.dahab.com, in the next few weeks. SunTrust likely will be a finalist in the search, said Mr. McNeillie.
California State Teachers' Retirement System, Sacramento, on March 8 will discuss shifting 5% of its $25 billion domestic bond portfolio into high-yield bonds. If the change is approved by the board, the $111 billion pension fund likely would need to hire several external managers as well as two more staffers to run high-yield bonds internally, according to a CalSTRS report. Pension Consulting Alliance is the consultant.
Teachers' Retirement System of Illinois trustees adopted the $21 billion defined benefit plan's first formal allocation guidelines f private equity investments, which now total about $800 million. The new target allocations are: buyouts, 45%; venture capital, 35%; debt-related, 10%; and non-U.S., 10%. The Springfield- based fund's current private equity investments are: buyouts, 37%; venture capital, 42%; debt-related, 16%; non-U.S., 5%. The board voted last year to increase the overall private equity allocation to 7% of fund assets from 3%; during the next two years, between $600 million and $800 million of the new allocation will go to private equity managers in mandates of between $75 million and $100 million, staff told trustees at the February board meeting.