Swampscott (Mass.) Contributory Retirement System is searching for an actuarial services firm. The Massachusetts Public Employee Retirement Administration Commission had provided actuarial services for the $28 million plan, said Richard DiPesa, spokesman for the fund. RFPs are available from Mr. DiPesa at (781) 596-8827. Proposals are due at noon EST Nov. 29.
Ohio Public Employees Retirement System, Columbus, is searching for a real estate consultant, to be hired in the first quarter. The consultant will be responsible for establishing strategies and procedures for the $57 billion plan's real estate portfolio, said Neil Toth, director of investments. The system's target real estate allocation is 9% of assets. The plan has nine real estate managers and an internally managed REIT portfolio, which total $5.4 billion. Proposals are due Dec. 17. Cooper Consultants and Ennis Knupp are assisting.
Los Angeles County Employees Retirement Association, Pasadena, Calif., is searching for an undetermined number of real estate emerging managers to jointly run up to $100 million as part of the $30.6 billion fund's emerging manager program. The program, formed to create opportunities for small organizations, was expanded last December to include real estate, said John McClelland, principal investment officer in real estate. Selections are expected in April, he said.
Marconi PLC G.E.C. 1972 Pension Plan, Stafford, England, will conduct a tri-annual actuarial study beginning in April, said Joe Kelly, spokesman. Watson Wyatt, actuary for the L2.7 billion ($3.9 billion) plan, likely will conduct the study. Changes in the asset allocation could occur because of new U.K. accounting standard FRS 17, which will force the company as of 2003 to account for pension assets on the balance sheet. Mr. Kelly would give no further details.
Northwestern Memorial Hospital, Chicago, will evaluate the asset allocation for its $1.3 billion in trust funds in December, said Thomas M. Satkus Jr., assistant treasurer. The staff, using Watson Wyatt models, has been developing scenarios for trustees to consider. He declined to give details. The current allocation is 42.5% domestic equity, 14.5% international equity, 25% fixed income and 18% alternatives. The alternatives allocation consists of six percentage points in venture capital, six points in other private equity, and six points split among hedge funds; absolute-return strategies; opportunistic strategies, including distressed debt, real estate equity, oil and gas; and deep value investments. The trust funds, which are pooled for investing, consist of $286 million in a pension fund, $520 million in a hospital capital fund, $364 million in a foundation fund and $130 million in a self-insurance fund.
Ferro Corp., Cleveland, is conducting an asset allocation study of its $150 million pension fund, said a company spokesman who asked not to be identified. The fund is looking to shift more of its equity allocation into small-cap and international growth. He would not provide the current asset allocation or further details. William M. Mercer is assisting.
Nuclear Fuel Services Inc., Erwin, Tenn., is conducting an asset allocation study of its $50 million pension fund, said Andy Landers, compensation and benefits manager. Mr. Landers said he hopes to add a small-cap equity component to the fund, which has its equity investments in active international and active domestic growth and value midcap styles. The study should conclude by the end of this year. The fund, which Mr. Landers said is roughly a 50/50 split between equities and fixed income, has a fixed-income portfolio with PIMCO; an international equity portfolio with Templeton; a value equity account with Wellington Management; and growth equities with Montag & Caldwell. He could not provide further details.