Providence (R.I.) Employees' Retirement System issued an RFP for three or four venture capital managers to handle a total of $15 million to $20 million, said Alexander Prignano, director of finance. The $300 million plan is making the move because of "good returns" in the asset class, he said. Wainwright is assisting. Proposals are due June 21.
The Police & Firemen's Disability & Pension Fund of Ohio, Columbus, issued an RFP for a high-yield bond manager to handle $460 million, said Allen Procter, executive director. The RFP is posted on the $9.2 billion fund's website, www.op-f.org/highyield. Proposals are due June 30.
Los Angeles City Employees' Retirement System is searching for a real estate fund consultant. The $7.7 billion fund's real estate allocation is 5% of assets, with a commitment target of 6% to attain the long-term target. Its real estate portfolio comprises 18 active commingled funds and one individually managed account. Applicants must have at least five years' experience as the primary real estate consultant for institutional clients with equity real estate portfolios of more than $500 million. The deadline for proposals is June 30. Applicants can download the RFP from the fund's website: www.primenet.com/lacers.
New York City Deferred Compensation Board will issue an RFP June 23 for record-keeping services, said Tamara Lubansky, spokeswoman at the $4.5 billion fund. Current record keeper Financial Administration Services' contract is up; it will re-bid. The plan also issued an RFP for a manager to handle a new active domestic midcap growth or midcap core portfolio. Applicants must have $1 billion under management and five years' experience in the strategies. The plan also will discontinue a $115 million Vanguard Wellington balanced fund as of July 2001, replacing it with four funds of funds, the strategies of which range from conservative to aggressive. The board will issue RFPs but has not set a timetable, Ms. Lubansky said.
New Orleans City Employees' Retirement System has begun a search for an active large-cap domestic value manager. Size and funding source have not been determined. Morgan Stanley Dean Witter, consultant to the $375 million plan, recommended the asset class, but the system has not decided to follow that recommendation, said Jerry Davis, chairman, citing his own reservations. Interested firms may contact the consultant.
City of Sarasota (Fla.) Employees' Retirement Funds is searching for a custodian for its Firefighters Retirement Fund and General Employees plans. Because custodian Wachovia is selling that line of business, the funds have begun contacting possible replacements, said Hector Ruiz, pension manager. The search is being conducted in-house. The firefighters' plan has $97 million in assets and the general employees' plan, $79 million.
Oklahoma Law Enforcement Retirement System, Oklahoma City, within the next few weeks will begin a search for an active small-cap value domestic equity manager to run between $20 million and $30 million, said Larry McCullock, assistant director. No timetable has been established. The $520 million fund wants to get some small-cap assets into active management, he said. RFPs are available by writing the system or the State of Oklahoma's purchasing department. Asset Consulting Group is assisting.
City of Lincoln (Neb.) Firemen's & Policemen's Retirement System next month will begin a search for a provider for its new deferred retirement option plan, said Paul Lutomski, pension officer. The search will be conducted in-house.
Arizona State Retirement System, Phoenix, will begin searching for active and passive small-cap domestic and international equity managers at the end of the third quarter, said Paul Matson, chief investment officer. It is standard procedure for the $21 billion system to search for managers in all asset classes every three years. The fund has $800 million in small-cap domestic equities and $3.5 billion in international equities.
The Police Retirement System of Kansas City (Mo.) and Civilian Employees' Retirement System of the Police Department of Kansas City may search for two large-cap domestic managers, one value and one growth, to run combined portfolios for both funds. In addition, the funds will reduce Financial Counselors' $229 million active large-cap domestic equity portfolio -- which comprises $208 million for the police plan and $21 million for civilian employees' plan -- or terminate the manager, said Brian Boeding, retirement board secretary. The funds, with combined assets of $710 million, will decide within the next few weeks. DeMarche is assisting.