Pittsfield (Mass.) Contributory Retirement System is searching for a custodian, said Karen Lancto, acting executive director. She said the $82 million retirement system will review the proposals before deciding whether to replace its current custodian, which she would not identify. Nelson's 2001 Directory lists the system's consultant as BankBoston, which was acquired by Fleet Financial last year. Proposals are due at 4 p.m. EST Dec. 28 and should be sent to Karen Lancto, acting executive director, Pittsfield Retirement Board.
Texas Permanent School Fund, Austin, issued an RFP for a consultant to provide ongoing performance measurement for the fund's $19 billion in assets. The fund's general consultant for asset allocation and manager selection, Callan Associates, is expected to bid. RFPs are available from the fund's website, www.tea.state.tx.us/psf. Proposals are due Jan. 10, and a selection will be made at the March 22 board meeting.
Paper Converting Machine Co., Green Bay, Wis., is searching for a consultant to review the options in its $100 million PCMC Retirement Savings 401(k) plan, said Dale Barbiaux, corporate secretary and tax director. He said the plan wants an outside opinion before adding new options to the 11 now offered. Previous consultant Putnam remains as record keeper, he said. The plan is self-administered and trusteed. Further details about the search were not available by press time.
Philadelphia Public Employees' Retirement System will search for active domestic midcap growth and value equity managers at the beginning of the year, according to Tony Johnson, chief investment officer. The $5 billion fund is almost finished reviewing its asset allocation study, and other searches and manager hirings are likely in 2002. He would not elaborate.
Iowa Public Employees' Retirement System, Des Moines, will conduct two separate searches for custodial-related work for its $15.4 billion pension fund, one for general custodial services and another for securities lending. "We don't see any reason to tie the two services together," said Michael L. Fitzgerald, state treasurer, who is custodian of the system and a member of the investment board. It could select a custodial bank to perform both functions, or it could use separate firms, depending on the bids it receives, he said. Mr. Fitzgerald said he expects to issue the two RFPs in about a week to major banks and securities-lending firms; other interested firms can request the RFPs. Incumbent Mellon now performs both services and will be invited to bid, he said. The deadline hasn't been set for proposals, which may be due in late January or February; he would like the new services to be in place by July 1 to coincide with the start of the fiscal year, he said.
Wichita State University Foundation, Wichita, Kan., plans to begin an asset allocation study for its $135 million endowment when the foundation committee meets in February, said Patsy Selby, associate vice president for finance. The current allocation is 70% equities and 30% fixed income. Ms. Selby said it is too early to comment on possible manager changes.
Oklahoma City Retirement System plans to conduct an asset allocation study of the $370 million pension fund, said Rena Hutton, retirement system manager. The study follows the hiring of Asset Consulting Group as consultant, replacing Fiduciary Capital Advisors, which rebid when its contract expired earlier this fall. The fund's current asset allocation is 60% equity and 40% fixed income.
Menasha Corp., Neenah, Wis., plans to begin an asset allocation study shortly, said Jaye Ciontea, supervisor of retirement plans. The study will be conducted by the $110 million plan's new consultant, Shields Associates. Shields replaces Ennis Knupp; a new CFO and CEO at Menasha precipitated the change, she said.