New Bedford (Mass.) Retirement Board is searching for an investment consultant. Arthur Caron, chairman of the $159 million pension fund, said incumbent Watson Wyatt was invited to submit a proposal. The board is conducting the search to test the market. RFPs are available by calling Helen Gaucher, administrative assistant, at (508) 979-1538. Proposals must be received by 4 p.m. EST Nov. 30. A selection is expected by the end of January.
North Central College, Naperville, Ill., issued an RFP for an investment consultant for its $50 million endowment, said Paul Loscheider, vice president of business affairs. Incumbent Prime Buchholz & Associates was asked to rebid. Proposals are due Nov. 1, and a selection should be made by mid-December.
California Public Employees' Retirement System might put management of its $1 billion member home loan program up for bid. First Nationwide manages the program, which offers residential mortgages to qualified plan participants who use their retirement assets as collateral. If approved by the investment committee of the $144 billion CalPERS on Nov. 13, staff expects to have a new manager on board by July 1. The move is being recommended by staff because "it has been some time" since the Sacramento-based system has solicited bids for the contract, according to a staff memo.
San Francisco City & County Employees' Retirement System posted its RFP for a consultant for its $1.4 billion alternatives portfolio. Proposals are due by 5 p.m. PST Nov. 29. Cambridge is the current consultant. The board also hired Cooper Consultants to search for a general investment consultant. That RFP should be issued by the end of November. Current consultant Angeles Investment Advisors' contract expires Dec. 31. The system also will review its asset allocation and manager structure in early to mid-2002, said David Kushner, deputy director for investments. Mr. Kushner said the $10.4 billion pension fund will examine the large number of external managers used by the fund, especially in alternatives. The fund's policy asset mix is 50% equities, 30% fixed-income, 12% alternatives, and 8% real estate. The current equity exposure is 42.5%.
J Sainsbury PLC Pension Scheme, London, will invest 5% of plan assets in alternative investments, subject to further research, said Geof Pearson, secretary. He said trustees for the L2.6 billion ($3.8 billion) plan won't begin manager searches until its investment committee provides a detailed investment strategy. That could take another six months, he said. Frank Russell is advising.
Shelby County Retirement System, Memphis, Tenn., will conduct an asset allocation study within the next month, said David Pontius, manager of pension investments. A study is conducted annually, he said. The $700 million pension fund's current allocation is 45% fixed income and 55% equity; 95% of overall equity is in active domestic large-cap growth and value investments, and 5% in active international large-cap growth and value investments. It is too early to tell if a change in managers or allocation could result from the study, Mr. Pontius said. Consulting Services Group is assisting.
Sheet Metal Workers Local 265, Carol Stream, Ill., is conducting an asset allocation study of its $120 million pension fund, $38 million annuity plan and $20 million welfare fund, said Erwin Pasch, administrative manager. Manager searches could result. The study is being done by consultant Merrill Lynch Consulting Group, which replaced Marco Consulting Group at the end of August. Mr. Pasch said the trustees wanted a different opinion. The pension fund's current allocation is 50% fixed income, 40% equity and 10% real estate. The annuity plan's allocation is 91% GICs and 9% equity. The welfare fund's allocation is 94% short-term investments and 6% equity. The study will be finished Nov. 29, Mr. Pasch said. He would not name the funds' current managers.