Oklahoma Law Enforcement Retirement System, Oklahoma City, is searching for an equity real estate manager to run $10 million, said Larry McCullock, executive director at the $530 million system. Responses are due April 2 and a selection is expected in July. The pension fund is expanding its real estate allocation to 7% of assets from 5%. The new manager will join current real estate manager RREEF America, he said. Asset Consulting Services is assisting.
New York City Deferred Compensation Plan, with $4.6 billion in assets, issued an RFP for a consultant to do quarterly performance ratings and benchmarking. Current consultant Arthur Andersen was invited to rebid. Proposals are due April 5; no timetable has been established for a decision, said Dean Weltman, counsel to the plan.
San Francisco City & County Employees' Retirement System issued an RFP for a real estate consultant. The $10.8 billion fund's RFP is available at www.institutional-research.com, Cooper Consultants' website. The deadline for proposals is April 10.
Oklahoma Firefighters' Pension & Retirement System, Oklahoma City, is searching for two active domestic value equity managers to run $73 million in a large-cap style and $123 million in a small-cap style, said Robert E. Jones, executive director. The large-cap portfolio is now managed by Oppenheimer Capital, and the small-cap portfolio by David L. Babson. The $1.25 billion pension plan is conducting the search for performance reasons, but both incumbents have been asked to rebid. Responses for the large-cap search are due April 19, Mr. Jones said. RFPs will be issued for the small-cap search April 17; responses are due May 24. Interested managers interested can contact the system via e-mail at [email protected] Asset Consulting Group will assist.
Indiana Public Employees' Retirement Fund, Indianapolis, is searching for a firm to conduct an actuarial audit, believed to be the first for the $10 billion fund, said E. William Butler, executive director. Mr. Butler said the fund expects the firm to express an opinion on the reasonableness and accuracy of the system's valuations and assumptions. The fund is seeking proposals from firms other than the fund's actuary, McCready & Keene. RFPs are available from the fund. Proposals are due April 24.
Tulsa County (Okla.) Employees' Retirement System will issue RFPs this month for an active domestic core equity manager to run $16 million, said Robert E. Hyer, deputy treasurer. The $138 million pension plan is terminating an unidentified manager that runs the money in a similar style; Mr. Hyer would not give the reason for the termination. Interested managers should contact consultant Marquette Associates.
Ohio Public Employees Retirement System, Columbus, plans to issue an RFP soon for a master record keeper. The $54 billion plan's custodian, Bank One, does not provide the accounting service, said Neil Toth, director of investments.
Georgia Teachers Retirement System, Atlanta, will undertake an asset allocation study. The study will be conducted by Callan Associates and is expected to be completed before summer. Jeffrey L. Ezell, executive director of the $39 billion system, said any discussion of new managers will wait until after the system board reviews the study findings.
North Dakota State Investment Board, Bismarck, is considering an asset allocation study for its two pension plans. Steve Cochrane, executive director and chief investment officer, said rising interest rates could mean the system's fixed-income investments will underperform their target returns. The $1.25 billion Teachers' Fund for Retirement has 7% of total assets in domestic fixed income, 7% in high-yield fixed income and 5% in international fixed income; and the $1.15 billion North Dakota Public Employees' Retirement System has 28% of assets in domestic fixed income, 5% in high-yield fixed income and 5% in international fixed income.
Pilkington North America, Toledo, Ohio, will conduct an asset-liability study of its $360 million defined benefit plan, said Jeffrey Bowman, controller at Pilkington. The study will be conducted by Northern Trust, recently hired to handle the plan's assets through a manager-of-managers program. Mr. Bowman said he had monitored the plan's external money managers himself.
National Commerce Financial Corp., Memphis, Tenn., is undertaking an asset allocation study of its $135 million pension plan, said Ralph Fournier, manager-benefits planning. The plan, which is managed internally, wants to assure that its investments are "properly positioned." He expects the study to be concluded in the next three months. Gerber Taylor Associates is conducting the study.
