The New York City Comptroller's office issued an RFP for several emerging markets managers to manage a total of $700 million on behalf of the $14 billion New York City Police Department Pension Fund, $5 billion New York City Fire Department Pension Fund and $1.5 billion Board of Education Pension Fund, said Nicole Lise, spokeswoman for the comptroller's officeProposals are due Jan. 7. The RFP is available on the comptroller's website, www.comptroller.nyc.gov.
New Mexico State Investment Council, Santa Fe, is searching for opportunities in venture capital and private equity to reach its 6% policy target for private equity, said Greg Kulka, alternative investments portfolio manager for the $10.5 billion council. It plans to commit $250 million a year to 10 to 15 funds for its national program, and another $100 million a year to funds that target the Southwest, particularly New Mexico, for its regional program.
London Borough of Hackney is reviewing the management of its L450 million ($704 million) pension plan. Trustees are searching for managers for two global equity mandates, a specialist bond portfolio, an indexed U.K. equity mandate and a property mandate, as well as a transition manager. The move follows a plan review and asset-liability study, which were conducted earlier this year. Jim Whitten, acting head of pensions, could not be reached for comment by press time. Proposals for the portfolios are due Dec. 30, and managers are likely to be hired in April. Transition manager proposals are due Jan. 10. Psolve Asset Solutions is advising.
Fairfax County Uniformed Retirement and Police Officers Retirement systems, Fairfax, Va., are reviewing their fixed-income portfolios, which could lead to new mandates and managers, said Laurnz A. Swartz, executive director. The uniformed plan has $563 million in total assets and the police system, $570 million. CRA RogersCasey is assisting with the uniformed review, and Mercer Investment Consulting, with the police system analysis.
University of Dayton, Dayton, Ohio, is undertaking a comprehensive review of its $375 million endowment, said Delanie Moler, investment officer. DeMarche Associates is conducting the review, which will be completed in the second quarter. The study likely will lead to shifts in the plan's asset allocation model and possible manager changes, she said. The endowment does not have active domestic small-cap growth or active international growth equity investments, which may change, she said.
Bay County Employees' Retirement System, Bay City, Mich., this month will begin an asset allocation study of its $178 million pension plan, said Danean Wright, retirement accountant. Plan officials conduct a study annually, and manager changes are unlikely, she said.
San Diego County Employees Retirement Association is conducting an asset-liability study of the $4 billion system, to be completed by early January, said Jerry Woodham, chief investment officer. System officials don't know if new manager searches will result, he added.
Fairfax County Educational Employees' Supplementary Retirement System, Springfield, Va., is undertaking an asset-liability study, said Joy Russell, investment analyst. The $1.3 billion system's consultant, Mercer Investment Consulting, is conducting the study.
DePauw University, Greencastle, Ind., is conducting an annual asset allocation study of its $390 million endowment plan, said Jerry Burroughs, chief investment officer.
Northwestern Memorial Hospital, Chicago, is reviewing the investment policies and asset allocation of its combined $1.05 billion in funds, said Thomas Satkus Jr., assistant treasurer. He anticipates no changes, "but over the next few weeks as we review them, something could change" in the asset allocation, he said. Recommendations will be made to the board in December. Watson Wyatt is assisting.
Quincy Retirement System, Quincy, Mass., is undertaking a comprehensive review of its $225 million plan, said Edward J. Masterson, executive director. It will be conducted by Meketa Investment Group; details have not been finalized.
Birmingham Employees' Retirement System, Birmingham, Mich., within the next three to six months will begin an asset allocation study of its $78 million pension plan and $7 million health care fund, said Thelma Golden, treasurer. System officials may reduce the plans' fixed-income allocation by another five percentage points, shifting the assets to equities. Earlier, the two plans, which share the same asset allocation, reduced fixed income to 40% from 46%.