Arizona State Retirement System, Phoenix, issued 10 RFPs -- five for small-cap equities managers, five for midcap -- to run a total of $2 billion, divided evenly between the two styles. The $23 billion system will decide whether the mandates will be core, value, growth, passive or enhanced passive mandates based on the proposals it receives. Proposals should be sent to [email protected] by Feb. 15; interviews will be in May. A decision could be made by June, said Paul Matson, chief investment officer. Information is available at www.investorforce.com, he said.
Franklin County Retirement System, Greenfield, Mass., is searching for a manager to run $10 million in active domestic large-cap value equities. The $40 million fund is accepting RFPs until Jan. 23. A new manager would replace Freedom Capital, which is on watch because of performance, said Steven Wilson, pension fund spokesman. The system will review proposals and take that information into account in deciding whether to terminate the existing manager, he explained. Michael Spencer, chief investment officer at Freedom Capital, did not respond by press time.
Middlesex Retirement System, Cambridge, Mass., is searching for a manager to run $10 million in high-yield fixed income. Proposals will be accepted by the $506 million pension fund until noon Eastern time Jan. 29 and can be sent to John Fabrizio, investment analyst at consultant Wainwright Investment Counsel.
Shrewsbury (Mass.) Retirement Board is searching for a manager to run $5 million in active domestic large-cap value equities, benchmarked to the S&P 500, said Gail Sokolowski, board administrator. Proposals are due to the $45 million pension fund by Feb. 6. An asset allocation study that recommended diversifying equities, she said. Dahab Associates is assisting.
Florida State Board of Administration, Tallahassee, launched the second half of its search for an education provider for its new defined contribution plan and is also searching for transition brokerage services. The requests for information are on the board's website at www.fsba.state.fl.us. Proposals for transition brokerage services are due Jan. 31; proposals for the education provider are due Feb. 5.
Ford Motor Co., Dearborn, Mich., is searching for a socially responsible investment fund to add to its salaried and hourly workers' 401(k) plans, with combined assets of $20 billion, by the end of the year. The search is the result of an agreement with the United Auto Workers to add two such funds and requests by other employees, said Lee Mezza, manager-direct compensation and benefits. Ford will add the Domini Social Equity Fund as an investment option in its 401(k) plans, and a second fund will be added, unless something unexpected happens or the funds available are unacceptable from an investment viewpoint, Mr. Mezza said. The Ford treasury staff, which conducts searches internally, is looking at both active and passive managers.
Los Angeles County Employees' Retirement Association staff, at board meetings in February and May, will propose investment plans for international equities, alternative investments and real estate, said Ken Shaffer, chief investment officer at the $30.6 billion system. The moves are aimed at implementing the asset allocation study conducted last summer, he said. Under a new fixed-income policy, international fixed income will be part of the plan's larger fixed-income portfolio, rather than a separate asset class, Mr. Shaffer said. Another policy, approved in December, calls for more emerging fixed-income managers that would run smaller amounts of money than is currently the case. Although the plan long has used a manager-of-managers approach for emerging equity managers, the bond managers will be chosen individually.
Indiana Public Employees Retirement Fund, Indianapolis, plans to search for small-cap and midcap domestic equity managers, said E. William Butler, executive director of the $11.5 billion fund. "Optimistically, the searches may begin in March or April," he said. The fund then plans to searche for private equity and real estate managers. Allocation sizes have not yet been determined.
New Orleans City Employees' Retirement System may begin a search for all-cap or core managers in six to eight weeks and will begin a review of its small-cap managers, said Jerry Davis, chairman of the $340 million system. An RFP may be issued in March.
New Hampshire Retirement System, Concord, is conducting an asset allocation study, said Edward Theobald, chairman of the $4.9 billion pension fund. Consultant Evaluation Associates, along with actuary Buck Consultants, is expected to complete the study in February or March, Mr. Theobald said.