Plymouth (Mass.) Contributory Retirement System issued an RFP for a manager to run $3.8 million in active domestic small-cap core equities, replacing Loomis Sayles, said Kevin Leonard, the Segal Advisors consultant who is assisting the $77 million system. RFPs may be requested by e-mail from [email protected]; proposals are due Aug. 12, and a selection is expected in the fall.
The London Pensions Fund Authority, which advises on investments for all of the boroughs within the Greater London area, is searching for an actuary whose scope "may include" investment advice, according to an announcement from the plan. The search is part of a regular review. Proposals are due Aug. 19; a selection is expected by the end of the year.
Worcester (Mass.) Regional Contributory Retirement System is searching for a core real estate manager to run a $5 million portfolio. The $290 million system has not determined the source of funding. Segal Advisors is assisting. RFPs may be requested by e-mail from [email protected] The deadline for proposals is Aug. 29; system officials plan to make a selection by November.
Indiana State Teachers' Retirement Fund, Indianapolis, plans to search for equity real estate managers, said Robert D. Newland, chief investment officer. The $5.8 billion fund plans to allocate $150 million to real estate, its first investment in the area, and might hire two managers, one for core real estate and one for opportunistic property investments. The fund may start the search in September. Callan will assist. It also plans to search for a custodian, Mr. Newland said. Aside from general custodian services, it will evaluate securities lending and collection of securities class-action settlement claims. System officials could launch the search in August. Callan will assist.
Colorado Public Employees' Retirement Association, Denver, is searching for two private equity funds through the $25 billion system's new Target Opportunities Program, which will focus on private equity funds capitalized at a maximum of $250 million. The plan will choose two funds by January. Interested firms should direct inquiries to Alignment Capital Group, consultant for private equity for the new program, at (512) 320-4080.
Fife Council Superannuation Fund, Glenrothes, Scotland, is searching for a global custodian for its L651 million ($1.1 billion) plan. The search is the result of a regular three-year review. Hymans Robertson is assisting.
The Parliamentary Contributory Pension Fund, London, is searching for a replacement for consultant Bacon & Woodrow. A spokeswoman for the L300 million ($468.1 million) fund confirmed plans to review the investment strategy by the end of 2002, "followed by a beauty parade to confirm and/or replace the two current fund managers." She declined to provide further information.
New Jersey Division of Investment, Trenton, plans to issue an RFP for a consultant to study the way the division invests its funds and, officials hope, learn why the seven state retirement plans, with a combined $73 billion, collectively lost some $20 billion over the past two years, state Treasurer John McCormac said. One possible outcome of the study could be hiring outside portfolio managers.
Florida State Board of Administration, Tallahassee, is conducting an asset-liability study that could lead to changes in its asset allocation, said Coleman Stipanovich, interim executive director. The $84 billion system is conducting the study internally, but may ask general consultant Ennis Knupp to assist. The study is expected to be completed in December.
United Airlines, Chicago, is conducting an asset-liability study of its $7.5 billion pension plan, said Clifford T. Hew, director of pension investments. He said it has been two years since the last study but declined to give further details or comment on the possibility of manager changes when the study is finished at the end of September. The plan's asset allocation is 50% domestic equity, 35% fixed income, 10% international equity and 5% private equity. Towers Perrin is performing the study.
Greenwich Town Retirement System, Greenwich, Conn., will undertake an asset-liability study of its $290 million pension plan, said Charnel K. Benner, pension coordinator. New England Pension Consultants will conduct the study, and manager searches may result, she said.