Cornwall County Council Pension Fund, Truro, England, issued RFPs for a global custodian and for managers for a 134 million ($203 million) specialist equity portfolio and a 61 million specialist bond portfolio, said Vic Lush, investment officer for the 616 million plan. Proposals are due by October, and a decision is expected in March. The new managers will replace Merrill Lynch Investment Managers, which ran a 195 million balanced portfolio. Trustees were "disappointed" by Merrill Lynch's performance, but the firm may rebid, said Mr. Lush. Merrill Lynch would not comment on client matters, said spokesman Jonathan Ruck Keene.
Essex Regional Retirement Board, Salem, Mass., is searching for a non-core real estate manager to reach its 6% target allocation. The $196 million system has about 4% in real estate now. Funding will come from cutting back the system's exposure to equities. The deadline for proposals is Sept. 28, and the system hopes to make a decision by the end of the year. Segal Advisors is assisting.
City of Austin (Texas) Deferred Compensation Plan issued an RFP for a third-party administrator. Incumbent Nationwide is expected to rebid, said Tom Kubena, board member for the $155 million 457 plan. He said trustees thought it was a good time to revisit the marketplace, because Nationwide's contract will be expiring. Proposals are due Sept. 29, and a decision is expected by January, Mr. Kubena said.
Holyoke (Mass.) Retirement System issued an RFP for a core real estate manager to come closer to its 5% target allocation. The $132 million system has about 3% allocated to real estate. The deadline for proposals is Sept. 27. Funding will come from cutting back allocations to existing managers. Segal Advisors is assisting.
New Hampshire Retirement System, Concord, will conduct an asset allocation study and review this fall, said Ed Theobald, chairman. The $5 billion plan will explore whether its allocation to growth equities is too large, Mr. Theobald said, and it has been "a few years" since the last study was conducted.
Washington & Lee University, Lexington, Va., is reviewing its asset allocation, said Larry Broomall, chief financial officer for the $400 million endowment. A decision on making changes, including whether to add asset classes, is expected in the fall. The current asset allocation is: 45% domestic equities; 15% international developed and emerging markets; 20% fixed income; 12% real estate; 5% oil and gas; and 3% in hedge funds.