Massachusetts Pension Reserves Investment Management Board, Boston, is searching for a real estate investment consultant. Proposals must be submitted to George Wilson, senior investment officer at the $29 billion pension fund, by 4 p.m. EDT June 27. Mr. Wilson, who oversees the pension fund's real estate portfolio, said the board conducts a consultant search every three years. Incumbent Townsend Group can rebid, he said.
Indiana State Police Pension Fund, Indianapolis, is searching for one or more managers to run $11 million in active domestic small-cap or small- to midcap growth equities, said Joe Bill Wiley, principal of consultant Capital Cities, which is assisting the $285 million fund in the search. The portfolio will be benchmarked against the Russell 2000 or Russell 2500 Growth index. The search is posted on the Indiana state treasurer's website, www.state.in.us/tos/, under the "publications" link and "broad agency announcement." Firms interested in being considered must notify Janet Sweet, Capital Cities partner, by June 26 that they are going to respond, and they must submit proposals by 2 p.m. EST June 28. The fund's board will decide in July on the source of the funding. It expects to make a hiring decision in August.
Woonsocket, R.I., issued RFPs for an active domestic fixed-income manager and three active domestic equity managers: one each for large-cap, midcap and small-cap. The fund has about $1 million in assets; funding will come from issuing pension obligation bonds, which are expected to bring in $90 million, said Gerald Goldberg, senior investment management consultant at Prudential Securities, the city's consultant. The large-cap manager will handle $10 million to $12 million; midcap, $11 million to $14 million; small cap, $9 million to $11 million; and fixed income, $50 million to $60 million, he said. Responses are due June 28. Interested managers can contact Mr. Goldberg at (860) 280-0240.
Newton (Mass.) Contributory Retirement System issued an RFP for a private core real estate manager to run $8 million in an open- or closed-end fund, said Rafik Ghazarian of consultant Segal Advisors. The $218 million system will move the money from a Fidelity closed-end real estate fund, which was liquidated, he said. "They were very satisfied with Fidelity" but Fidelity does not have another comparable fund in which to reinvest the proceeds, Mr. Ghazarian said. Proposals are available via e-mail at [email protected], and are due July 10. Selection is expected by September, Mr. Ghazarian said.
Taunton (Mass.) Contributory Retirement System is searching for an active core value international equity manager to run $4 million. Assets will come from terminating one of the $115 million system's two international equity managers; Kevin Leonard, the Segal Advisors consultant who is assisting, declined to name either firm. RFPs can be requested by e-mail from [email protected], and the deadline for proposals is July 18. The system plans to pick a manager in the fall.
Los Angeles City Employees' Retirement System plans to search for an active emerging markets manager to run $140 million. Staff at the $6.9 billion system will prepare an RFP, pending final approval of the LACERS board at its June 25 meeting, said Dan Gallagher, chief investment officer. Incumbent Schroder Investment Management, whose three-year contract is almost up, can rebid.
Los Angeles Water & Power Employees' Retirement Plan is expected to issue RFPs at the end of the month for a new slate of investment managers, said Daniel Marisola, board vice president. The new hires will have full investment discretion; currently, the $6 billion fund uses investment advisers. Until new managers are hired, current advisers TCW and The Boston Co. have been granted discretion beginning July 1. Also, Highmark Capital resigned as an investment adviser; the $1.5 billion on which it advised was transferred to The Boston Co. Pension Consulting Alliance will assist with the searches.
New York City Retirement Funds will issue an RFP in July for high-yield bond managers to run a total of $4 billion, said spokeswoman Nicole Lise. All the current managers can rebid; the search is being conducted because their contracts are set to expire in June 2003, she said. The RFP will be available in July on the system's website, www.comptroller.nyc.gov, and proposals will be due about a month later. Further details were not available.
Tallahassee (Fla.) Pension Fund plans to issue an RFP for a consultant, said Darrell Thompson, acting treasurer-clerk. Arthur Andersen has been consultant to the $751 million plan since late 1997, and the consultants who advised it moved to Clark/Bardes, which will be interim consultant, Mr. Thompson said. Clark/Bardes will be allowed to bid for the contract.
