Ohio Public Employees Retirement System, Columbus, is searching for managers to offer the six investment options for its new 401(a) plan, scheduled to open to participants Jan. 1, 2003. The active options will be: domestic fixed income, benchmarked to the Lehman Universal index; domestic large-cap equity, benchmarked to the Russell 1000 index; domestic small-cap equity, benchmarked to the Russell 2000 index; international equity, benchmarked to the MSCI All Country ex-U.S. index; and stable value. The passive option will be a domestic equity strategy benchmarked to the Russell 3000 index. Interested parties should contact consultant Callan Associates by March 22. Details are available at www.opers.org or www.callan.com/client/ohiopers/.
Falmouth (Mass.) Town Contributory Retirement System is searching for a private equity manager to run up to $5 million in a secondary fund of funds, a new mandate for the $55 million system. Only proposals for a fund of funds comprising at least 90% secondary funds will be considered. Proposals are due by noon EST March 25, said Margaret Correllus, board administrator. Funding will come from cash, she said. Wainwright Investment Counsel is assisting.
Norwegian Government Petroleum Fund, Oslo, is searching for an unspecified number of active equity managers to handle a total of $1.2 billion for its 547 billion kroner ($60.7 billion) reserve fund. Each portfolio will be at least $200 million, said Vegard Vik, senior portfolio manager-sector strategies for Norges Bank Investment Management, the fund's internal money manager. RFPs are available at http: nbim.ipe-quest.com. Proposals are due April 5.
Qwest Communications, Englewood, Colo., is searching for a new record keeper for its $7 billion defined contribution plan to replace MetLife, which no longer is providing the service to large plans, said Don Butt, vice president at Qwest Asset Management, at Pensions & Investments' Defined Contribution Conference in Hollywood, Fla. A selection is expected to be made by April.
San Francisco City & County Employees' Retirement System may issue an RFP for a real estate consultant to oversee its $849 million real estate investments. The board of the $10.8 billion pension fund will meet March 5 to vote on the staff proposal; the board also will vote whether to hire Cooper Consultants to conduct the search. If approved, the RFP would be issued shortly, with final proposals due April 16.
Milwaukee City Employes' Retirement System, with $3.9 billion in assets, is searching for an active domestic large-cap growth equity manager to handle about $200 million, said Jennifer Shannon, chief investment officer. Interested parties should contact the system; Mercer will assist.
Washington State Investment Board, Olympia, plans to issue an RFP for a small-cap to midcap equity option for its $1.3 billion deferred compensation plan, after staff presents a concept paper to the board in the next couple of months, said Gary Bruebaker, CIO.
Fairfax City (Va.) Supplemental Retirement Plan will search for a domestic small-cap manager and a global bond manager in a few months, said Laura Sitrin, finance director. The searches are the result of a new asset allocation adopted last fall following a study by New England Pension Consultants.
Iowa State Treasury staff plans to recommend a search for a consultant to develop and implement an investment plan for the new state health care endowment fund, said Bret L. Mills, deputy treasurer. The fund has about $40 million and could receive almost $130 million this year in tobacco-related and other assets subject to state budget considerations. With its anticipated growth, the endowment merits the attention of a consultant and outside money managers, he said. The fund now is invested in short-term fixed income, managed by the treasury staff. RFPs could be authorized in the spring, depending on state budget appropriations and whether the authority accepts the recommendation.
South Carolina Retirement System, Columbia, with approximately $21 billion in assets, will issue RFPs for commission recapture brokers, said Michael Sponhour, spokesman. The system does not do commission recapture, he said. Mercer is handling the search.
Indiana State Teachers' Retirement Fund, Indianapolis, plans to search for consultants that evaluate brokerage-trading execution and for services involving directed brokerage, discount brokerage and commission recapture, said Robert D. Newland, chief investment officer. The $5.5 billion fund doesn't use these services now. There is no timetable for the searches.