Indiana State Treasurer's Office initiated a search for a what it calls a master manager to oversee investment management and other tasks of the Indiana Tobacco Funds, which has $150 million in tobacco settlement money and is expected to receive $140 million more by mid-April. The master manager will be in charge of allocating funds to other investment managers the Tobacco Funds will use. Also, the manager will oversee the matching of portfolio assets with liabilities and maintaining a reserve account. The plan is considering all manager types, including registered investment advisers, banks and insurance companies. Consultant Capital Cities is overseeing the search. Prospects should contact Janet Sweet, partner, at [email protected] The deadline for proposals is Feb. 16.
Belmont (Mass.) Contributory Retirement System is searching for managers to run $13 million in active domestic large-cap value equities and $5 million in active domestic small-cap core equities for the $47 million system. The large-cap manager will replace an unidentified manager in the same asset class. The small-cap mandate is new; funding will come from existing managers. Written proposals should be faxed to Douglas Mosely, New England Pension Consultants, at (617) 374-1313 by 4 p.m. Feb. 9.
Marlborough (Mass.) Retirement System is searching for an indexed domestic bond manager to run $21.5 million, replacing Freedom Capital, which ran the same amount in an active fixed-income portfolio, said Margaret Shea, executive director of the $52 million fund. "The board is interested in moving to a passive strategy," she said. RFPs are available from consultant Meketa Investment Group. Proposals are due Feb. 16.
Braintree (Mass.) Employees' Retirement System is searching for a large-cap domestic equities manager to run $10 million, said Phyllis DiPalma, executive director of the $90 million system. RFPs are available from consultant New England Pension Consultants. The deadline for proposals is Feb. 16. Funding will come from reducing exposure to other asset classes, she said.
Lauderhill (Fla.) Firefighters Retirement System is searching for an active domestic large-cap growth equities manager to run $5 million, said Greg McNeillie, senior consultant at Dahab Associates, consultant for the $20 million fund. RFPs are available at Dahab.com. Proposals are due Feb. 16, final presentations begin in March, and the system may hire a manager by April 1, he said.
Worcester (Mass.) Retirement System is searching for three categories of private equity partnerships. The $313 million pension fund intends to invest $10 million in each of the categories over the next 18 months to two years: U.S. small-company buyouts; venture capital, with a preference for non-Northeast area, non-technology; and European funds of funds. Managers should contact Meketa Investment Group for copies of the RFI; information on deadlines wasn't available.
Los Angeles City Employees' Retirement System issued an RFP for a consulting actuary; it is the system's policy to conduct a search every six years. Incumbent Watson Wyatt Worldwide has been encouraged to rebid. Copies of the RFP can be downloaded and e-mailed back to the $7.8 billion fund's website, www.lacers.org. The due date has not been determined.
Seattle City Employees Retirement System will begin a search in June for domestic fixed-income managers to run $350 million, said Mel Robertson, assistant executive director of the $1.5 billion fund. The money currently is run by five managers: Vanderbilt Capital Advisers, with $120 million under active management; PIMCO, $127 million, active; GW Capital, $35 million, active; Pugh Capital Management, $35 million, active; and Barclays Global Investors, $30 million, indexed. Mr. Robertson said fund officials have not determined how many managers will be hired or what percentage of the funds will be actively or passively managed.
San Bernardino County (Calif.) Employees' Retirement Association may add its first private equity manager, probably a fund of funds, said Tim Barrett, chief investment officer. Consultant Ennis Knupp conducted an asset-liability study recommending the $3.6 billion system invest 4% of assets in private equity through a fund of funds, starting by adding 1% a year. "Ennis Knupp has recommended private equity to act as both a diversifier and return enhancer," Mr. Barrett said. The system may go with the consultant's recommendation instead of issuing RFPs because of the unique nature of private equity, Mr. Barrett said; the board will decide at its April 5 meeting whether to add the asset class. Funding probably would come from domestic fixed income, which now is 28% of total assets. The rest of the assets are allocated as follows: 43% domestic equity; 18% international equity; 5% global fixed-income; 6% real estate.