OhioState Highway Patrol Retirement System, Columbus, will search for three active managers for the following portfolios: domestic large-cap growth equities; domestic core-plus fixed-income; and international core/growth equities, said Richard Curtis, executive director. Exact portfolio sizes and funding sources have not been determined. The $600 million plan is making the moves as the result of a recently completed asset allocation study by consultant Callan.
RFPs in all three searches are expected to be released later this week and will appear on the plans website, www.ohprs.org.
The domestic equities manager will replace Dresdner RCM, which resigned in January. The system also will terminate a $4 million active domestic micro-cap value portfolio managed by Firstar and a $10 million passively managed Nasdaq 100 account with Fifth Third, due to the study; that money also might go to the new domestic equity manager.
The system raised its target fixed-income allocation to 25% of total assets, from 20%. Funding will come from reducing its real estate/timberland target to 12% of total assets from 17%, Mr. Curtis said.
It also will terminate a $20 million international deep value/value equity portfolio managed by Franklin Templeton; the system plans to shift it to a growth and core focus, he said.