Illinois State Teachers' Retirement System, Springfield, is searching for a general investment consultant for the $23 billion fund, said Jon Bauman, executive director. Proposals are due Oct. 12. Mr. Bauman hopes to have finalists chosen in mid-November, with a selection shortly afterward. Incumbent Strategic Investment Solutions, which was hired in 1999, declined to rebid, Mr. Bauman said. System trustees believe professional services should be rebid periodically, he said. The system also is searching for a real estate insurance consultant, Mr. Bauman said. "We are one of only a few large public systems that does this," he said, referring to procuring insurance for its property portfolio itself rather than letting managers that run its real estate investments buy the coverage. The insurance will cover $2.1 billion of the system's $2.4 billion in real estate, Mr. Bauman said. The property not covered is in commingled funds, he added. The consultant will help select and work with an insurance broker to procure property, casualty and liability insurance. The contract of previous consultant J.W. Flynn Corp. was not renewed. Proposals are due by 4: 30 p.m. CDT Oct. 9. Mr. Bauman said he expects a selection to be made this fall.
Worcester (Mass.) Contributory Retirement System is searching for a manager to run $20 million in passive domestic fixed-income assets pegged to the Lehman Aggregate bond index. The $599 million pension fund plans to increase the allocation to $50 million in a year. RFPs are available from Stacey O'Neill, analyst at consultant Meketa Investment Group. Proposals should be mailed or faxed to Ms. O'Neill by Oct. 26, or e-mailed to her at [email protected]
New Mexico Educational Retirement Board, Santa Fe, plans to search for an active domestic large-cap value equity manager, said Frank Foy, chief investment officer. Assets will come from reducing a $1.3 billion internally managed S&P 500 index fund. The size of the allocation has not been determined. Wilshire Associates, the $6.5 billion system's new consultant, will conduct the search. Details have not been finalized.
Philadelphia Public Employees' Retirement System is conducting an asset allocation study; it will be presented to the $5 billion plan's board of directors Oct. 11, according to Tony Johnson, chief investment officer. William M. Mercer, which is doing the study, may recommend some asset allocation changes, including cutting the fund's 20% allocation to international equities because "the diversification premium we get from international investing may have changed," Mr. Johnson said.
Baltimore Retirement Systems, comprising the $1.3 billion Baltimore Employees' Retirement System and the $2 billion Fire & Police Employees' Retirement System, is reviewing its investment guidelines and plans to revisit its asset allocation, said Thomas P. Taneyhill, administrator. The systems have delayed hiring a core commingled real estate manager and an investment consultant until that process is completed, probably by the end of the year, he said.
Pensioenfonds British American Tobacco, Amsterdam, will consider the results of a recent asset-liability study at a November board meeting, said Clemens Heijne, plan manager. The 600 million guilder ($251 million) plan might trim its bond portfolio and increase its equity allocation by 10 percentage points, to 50% of plan assets, Mr. Heijne said. Details will be announced after the November meeting, he said. State Street Global Advisors is responsible for managing the plan's 240 million guilders in equities, all of which are indexed. Lombard Odier manages the plan's 300 million guilder fixed-income portfolio. The plan's remainder is invested in property, which is managed internally. The study was conducted by Ortec Consultants.