Seattle City Employees Retirement System is searching for domestic core and core-plus fixed-income managers to run $500 million currently run by five firms, said Mel Robertson, assistant executive director. The $1.5 billion fund is expected to hire two or three managers. Incumbents are invited to compete in the open search; they are: active domestic fixed-income managers Vanderbilt Capital Advisers, PIMCO, GW Capital and Pugh Capital Management. Also invited will be indexed fixed-income manager Barclays Global Investors. Fund officials have not determined how many managers will be hired. The RFP can be obtained by faxing Mr. Robertson at (206) 386-1506 and submitting an e-mail address. Proposals are due by May 10.
Lynn (Mass.) City Contributory Retirement System is searching for an active international core equity manager to run $13 million. The $153 million system's search was prompted by existing manager Salomon Smith Barney's decision to liquidate the commingled trust in which the system is invested, said Barbara Belliveau, executive secretary. The pension fund temporarily placed the assets in a State Street Global Advisors EAFE index fund. Proposals, available from consultant Segal Advisors, are due May 16.
Attleboro (Mass.) Municipal Contributory Retirement System is searching for an active international core equity manager to run $5 million. The search was prompted by the decision of previous manager Salomon Smith Barney to liquidate the commingled trust in which the $50 million system invested, said Leslie Ring, retirement analyst for the plan. The money was placed temporarily in a State Street Global Advisors EAFE index fund. RFPs, available from consultant Segal Advisors, are due May 16.
AP3, Stockholm, is searching for a U.S. investment-grade corporate fixed-income manager to run at least $150 million, said Thomas Nicolin, managing director of the 134 billion kroner ($13.2 billion) fund. The fund wants to reduce its exposure to domestic fixed income, which accounted for more than 50% of total assets at the end of 2000. Funding will come from a domestic government bond portfolio managed in-house. Deadline for proposals is May 28; applicants should contact Bengt Helstrom at the plan.
BT Retirement Plan, London, is searching for an active manager to offer funds for its new defined contribution plan. Officials also hired actuary Bacon & Woodrow and index manager Hermes Investment Management as advisers to the new plan, expected to have L20 million ($28.5 million) within a year. Colin Hartridge-Price, secretary to the trustees of the new scheme, said trustees were looking for a manager to offer unitized funds in a range of asset classes. A request for proposals is being drawn up, but no date has been set for release. Plan trustees hope to appoint a manager by September.
Chevron Corp., San Ramon, Calif., is searching for a master trustee to handle the planned combination of its $4 billion U.S. defined benefit plan with the $1.6 billion U.S. plan of Texaco Inc., White Plains, N.Y., pending approval of the merger of the two corporations. Chevron also is searching for third-party securities lending firms. Based on the bids it receives, the company will decide whether to include securities lending with the master trustee's duties or award it separately to a third-party firm. Incumbent master trustees Deutsche Bank, for Chevron, and J.P. Morgan Chase, for Texaco, will be eligible for the search, which could be open until June with a selection by July, unless the merger is approved earlier. The searches are being handled in-house.
Ohio Public Employees Retirement System, Columbus, is searching for one or two consultants to assist in creating a defined contribution plan. The new plan is scheduled to open in the second half of 2002. The consultants will help find a third-party administrator and help determine the new plan's investment options, said Neil Toth, director of investments. Proposals are due May 18. Also, the system is searching for an additional consultant to help establish a new incentive plan for investment staff. Proposals in that search are due May 11. RFPs can be downloaded from www.opers.org.
Ohio State Highway Patrol Retirement System, Columbus, is searching for brokerage companies. The $650 million plan wants to set up a "preferred broker list" for its money managers to use as a "better way of controlling costs," said Richard Curtis, executive director. The RFP can be downloaded from www.ohprs.org, and proposals are due May 15.
Florida State Board of Administration, Tallahassee, staff plan to search for money managers to run yield-plus money market and active international equity investment options for its new statewide defined contribution plan. Searches are expected to be posted May 25 on the Tallahassee-based board's website, www.fsba.state.fl.us.
