New York City Deferred Compensation Program issued separate RFPs for a midcap equity manager, master custodian and commission recapture broker, said Dean Weltman, counsel. The manager will run part of a $22 million portfolio for the 457 plan in a core or value style; INVESCO, hired last year, uses a midcap growth strategy, said Mr. Weltman. The $4.5 billion system uses Allfirst as a custodian, although it did not perform accounting services. The commission recapture broker would be the first for the program. Further information was not available. Manager proposals are due July 20, custodian proposals are due June 28 and commission recapture proposals are due June 17, Mr. Weltman said. RFPs are available online at www.nyc.gov/html/olr/html/rfp/ dcprfps.html.
California Savings Plus, Sacramento, issued RFPs for managers to provide Russell 2000 index and large-cap growth equity options to the state's defined contribution plans, said Lynelle Jolley, communications director for the $4 billion program. Plan officials do not expect to add the two new options until the fall.
Amalgamated Transit Union, Local 1575, San Rafael, Calif., will issue RFPs for a manager to run up to $40 million in active domestic fixed income, and up to three managers to run a total of $40 million in active domestic value equities, said Robin Davis, administrator. The $101 million pension plan may hire separate large-cap, midcap and small-cap managers for the value equity mandate, he said. Funding will come from terminating Dresdner RCM in fixed income and by reducing to $20 million an active domestic large-cap growth equity portfolio also managed by Dresdner, Mr. Davis said. Plan officials are happy with Dresdner's large-cap growth equity performance, but want to diversify to value, he added. The searches will begin within the next two months, once a contract is finalized with new consultant KPMG, Mr. Davis said.
Virginia Retirement System, Richmond, soon will issue separate RFPs for managers to run a real estate investment trust, a high-yield bond fund and a Treasury inflation-protected securities fund for its $480 million 457 plan. The system hopes to select the new managers by the end of summer, said Nancy Everett, chief investment officer.
Philadelphia Public Employees' Retirement System plans to search this summer for an active domestic large-cap growth equity manager to run between $40 million and $60 million, said Tony Johnson, chief investment officer of the $4.5 billion system. The search is part of a restructuring based on an asset allocation study that was completed in December. For now, the money is in a Russell 1000 Growth index fund.
City of Fresno (Calif.) Retirement Systems will review its asset allocation at a June 20 meeting, said Stanley L. McDivitt, retirement administrator. While the study by Milliman USA has not yet been received, it could result in a slight shift to equities from fixed income. Currently, the $1.6 billion pension fund's asset mix is 56% equities, 37% fixed income and 7% real estate.
Huhtamaki, De Soto, Kan., will begin an asset allocation study of its $170 million pension plan, said Earlene Sells, secretary and treasurer. She said there may be several changes in investment managers after the study concludes at the end of June. The current allocation is 50% equity and 50% fixed income. Mercer is advising.
Catholic University of America, Washington, is conducting an asset allocation study of its $150 million endowment, said Ralph H. Beaudoin, vice president-finance and treasurer. The endowment may cut back its alternative investments exposure, which is 15% of total assets, Mr. Beaudoin said. The review will be completed sometime this summer, Mr. Beaudoin said. Changes in the endowment's manager lineup could result, he said. Cambridge is assisting.
PolyOne Corp., Cleveland, is undertaking an asset allocation study of its $325 million pension plan, said Dennis Cocco, chief investor and communications officer. Manager changes may result, he added. Newly hired consultant Shields Associates is conducting the study, which will be finished in late August, he said. The current allocation is 70% equity and 30% fixed income.
University of Vermont, Burlington, will begin an asset allocation study of its $200 million endowment in August, said Bonnie Cauthon, controller and treasurer. The endowment conducts a study annually; it is too early to predict changes in investment managers, she said. Cambridge is advising.