West Virginia Investment Management Board, Charleston, is searching for an investment manager to run $350 million in an enhanced cash pool, replacing Bank One, said H. Craig Slaughter, executive director. The deadline for proposals is May 31.
Milwaukee City Employes' Retirement System is searching for a new manager to run a $67 million active domestic small-cap growth equity portfolio. The $3.9 billion system's investment committee will terminate current manager Pilgrim Baxter, said Anne Bahr, executive director. Jenny Shannon, the plan's chief investment officer, said interested parties should contact the system by June 7. Mercer Investment Consulting will assist.
Norges Bank Investment Management is searching for an unspecified number of active regional large-cap equity managers to run a total of $5.5 billion for the $75 billion Norwegian Petroleum Fund, Oslo, said Yngve Slyngstad, NBIM head of equities. The mandates, worth at least $250 million each, will cover Europe, the United Kingdom, Japan, Australia and the Americas. This will be the first time the fund will hire specialist large-cap equity managers for the Americas and Australia, he said. The mandates will be funded from new money coming into the plan, Mr. Slyngstad said. Existing external equity managers will be allowed to bid. Proposals are due June 14. Further details can be found at nbim.ipe-quest.com.
Chattanooga (Tenn.) General Pension Fund will issue RFPs in June in its search for a consultant, said Buddy B. Presley Jr., counsel with Presley, Howell and Simonds, the $180 million plan's attorney. Incumbent Morgan Stanley has been asked to rebid, he said. RFPs are available by contacting Mr. Presley by e-mail at [email protected]; the tentative deadline for proposals is the end of July.
Illinois Teachers' Retirement System, Springfield, is searching for four active domestic equity managers to run $606 million in small-cap to midcap growth, $303 million each in large-cap growth and small-cap value, and $92 million in large-cap value. The large-cap value portfolio is open only to an Illinois-based manager. Interested managers should contact the Chicago office of Callan Associates. The moves are part of the $22.8 billion system's increase in domestic equities to 41% from 31% of assets.
Edinburgh Investment Trust will search for a new money manager to run the trust's L1.4 billion ($2.2 billion) in assets. Incumbent Edinburgh Fund Managers will be allowed to rebid, said Lord Archie Eglinton, trust chairman. "After a great deal of thought, we decided we could not commit to Edinburgh Fund Managers without tendering and consulting the opposition," he said. Consultant Hymans Robertson is assisting. A selection is expected by late August.
Arizona State Retirement System, Phoenix, in the next two months will issue RFPs for up to three managers to run a total of $2 billion in active domestic large-cap core equities for the $20 billion pension plan, said Paul Matson, chief investment officer. Funding will come from reducing active domestic large-cap core equity portfolios run by J.P. Morgan Fleming and Mellon Equity, each with $1 billion. Mr. Matson said the search is due to "modest performance in that asset class," but both managers will be asked to rebid. Further details have not been finalized, he added. Mercer Human Resources is advising.
Oak Park Fire Pension Fund, Oak Park, Ill., will issue RFPs for a consultant to conduct asset allocation and asset-liability studies for its $38 million pension plan, said Gregory J. Peters, director of finance and treasurer. A proposal deadline has not been set, he said. RFPs can be obtained by contacting Mr. Peters via e-mail at [email protected] The plan does not have a consultant.
Washington State Investment Board, Olympia, will issue an RFP for a consultant for its $8 billion in worker insurance funds, said Gary Bruebaker, chief investment officer. Incumbent Conning Asset Management's contract expires Dec. 31.
BP America Inc., Chicago, is conducting an asset allocation study of its $5.5 billion pension fund, said Marvin L. Damsma, director-trust investments, the Americas. It is expected to be finished by the end of June, and he doesn't expect any major changes.
Kentucky Teachers' Retirement System, Frankfort, is conducting an asset-liability study of its $12.48 billion pension plan, said Gary Harbin, executive secretary. Plan officials want to ensure the "benchmarks are current and relevant," he said. Becker Burke and Buck Consultants are handling the review.
