Arizona Tax Deferred Annuity Board, Phoenix, is searching for a bundled provider for its 401(a), 457 and 403(b) plans, which have a combined value of $400 million. Proposals are due May 9. Interested firms can contact state procurement officer John Adler, said Rick Griffeth, chairman. Current provider PEBSCO has rebid.
Washington State Investment Board, Olympia, issued an RFP for a private equity consultant to replace Brinson Partners, whose contract expires at the end of the year. The $47 billion fund is seeking a full-service consultant to do traditional consulting and back-office work for the fund's $4.7 billion private equity portfolio, said Christopher Ailman, chief investment officer. However, it will consider splitting the two roles, he said. Proposals are due June 1. The fund hopes to hire a new consultant in August so that it can overlap with Brinson for the fourth quarter.
New York City Deferred 457 Compensation Plan issued an RFP in late April for a $28 million intermediate-duration fixed-income mutual fund or commingled fund manager, said Lou Porpora, assistant director for the $4.2 billion plan. The benchmarks for the mandate will be 80% Lehman Brothers Aggregate bond index; 10% Merrill Lynch high-yield bond index; and 10% Salomon Brothers Non-U.S. Government bond index. Incumbent Morgan Grenfell, whose contract expires next June, is invited to bid.
New York State Nurses' Association, Albany, is conducting a search for a high-yield fixed-income manager to run about $90 million. The $1.4 billion plan is adding the style as the result of an asset allocation study completed last year. It expects to hire a manager by the end of June, said Russell Niemie, chief investment officer. Meketa Consulting is assisting.
State of Wyoming Loan and Investment Board, Cheyenne, will begin a search for an S&P 500 index manager as early as this month. The $3 billion permanent fund has not established a mandate size or a funding source, said Sharon Garland, assistant director of the state lands and investment office. The move follows a recently completed asset allocation study.
District of Columbia Retirement Board will search for a large-cap domestic growth equities manager to handle 5% of assets. The $2 billion system decided to proceed with the search after choosing not to adopt an enhanced indexed strategy for its domestic large-cap equities allocation. The system doesn't have a domestic large-cap growth manager. The system has 70% of its equities exposure in a passive strategy and has allocated 5% each to large- cap growth and value stocks. The remaining 20% of the equities allocation is split evenly between small-cap to midcap growth and value stocks. BARRA RogersCasey is assisting.
New Orleans City Employees' Retirement System with $380 million in assets, soon will search for a convertibles manager. The size of the portfolio has not yet been determined, but the new manager probably will handle $15 million to $20 million initially, said Jerry Davis, board chairman. No timetable has been set. Morgan Stanley Dean Witter is assisting.
Philips Electronics North America Corp., New York, may invest in market-neutral strategies later this year, said Peter Tonetti, director-pension finance & investments. The $2.5 billion pension fund has not decided how much to commit or how many managers to hire, but expects to equitize the strategy with S&P 500 index contracts if approved by its pension committee. No consultant is involved.
Kern County Employees' Retirement Association, Bakersfield, Calif., is considering a search for an enhanced S&P 500 index manager to handle $85 million cut from Fidelity's $170 million structured enhanced equity mandate, said David Deutsch, retirement administrator. Barclays Global, which manages an S&P 500 index fund for the $1.6 billion plan, will run the portfolio in the interim. The plan intends to return the assets to enhanced management.
Mississippi Health Care Trust Fund, Jackson, is compiling a list of 25 international equity managers that will receive RFPs at the end of May, said Ron Logan, president of consultant Logan Partners. The $500 million trust, funded by proceeds from a state lawsuit against tobacco companies, will receive another $200 million payout later this year. The fund expects to hire two managers to handle $50 million each. The trust is conducting the search to meet its new international equity allocation, which is 20% of assets.