Illinois Teachers Retirement System, Springfield, is accepting bids for a passive U.S. equity manager to run $3.7 billion. Existing manager State Street Global Advisors can rebid, according to a statement from the $21 billion system. Callan Associates is handling the search.
Swampscott (Mass.) Contributory Retirement System is searching for a manager to run $4.8 million in active domestic large-cap value equities. Previous manager Cutler sold its domestic equity business to Fox Asset Management, which can bid, said Richard DiPesa, administrator for the $25 million pension fund. Proposals are due Dec. 30. Segal Advisors is assisting.
Nassau County Deferred Compensation Plan, Mineola, N.Y., on Dec. 24 is expected to issue an RFP for a temporary consultant to advise on the $410 million plan's structure and administration, said Jane Levine, chief deputy comptroller. The RFP can be obtained by e-mailing [email protected] Responses are due Jan. 24.
University of Wisconsin System, Madison, on Jan. 1 is expected to issue an RFI for managers in all asset classes, said Doug Hoerr, treasury manager. Officials for the $300 million endowment decided, based on the results of an asset allocation study, to search for managers in current as well as new asset classes. All current managers will be asked to rebid, he said. Three new asset classes - active domestic high-yield fixed income; active emerging markets equity; and hedge funds - may be added, said Mr. Hoerr. The RFI will be posted on the university's website, www.wisc.edu. Plan officials have not decided on a deadline.
Alfred I. duPont Testamentary Trust & the Nemours Foundation, Jacksonville, Fla., is conducting a search for an emerging markets equity manager to run $45 million. The $2.7 billion trust is screening prospective candidates, using the Callan database.
Los Angeles Department of Water and Power plans to search for five international equity managers as early as April, said Duamel Vellon, retirement manager for the $6 billion fund. Three managers would run $225 million each in developed markets equities, while two others would manage $42.5 million each in emerging markets. The move is the result of asset-liability and asset allocation studies. Pension Consulting Alliance is assisting.
Miller Brewing Co., Milwaukee, is searching for an investment consultant to help develop an initial investment program for its pension fund, said Robert McCann, Miller director-corporate finance. The fund has assets in excess of $100 million, but Mr. McCann declined to be more precise, saying the assets are being transferred from Philip Morris Cos., Miller's former parent. Under Miller's new parent, SABMiller PLC, Miller will oversee its own pension assets, he said.
Apogent Technologies, Portsmouth, N.H., is conducting a comprehensive review of its three pension plans, which have a combined $60 million in assets, said Carl Gagnon, benefits and compensation manager. Independent Fiduciary Services is assisting.
Northwestern Memorial Hospital, Chicago, is undertaking an independent and wide-ranging review of its entire investment program, including policies and asset allocation for its $1.05 billion in pension, foundation and other fund assets, said Thomas Satkus Jr., assistant treasurer. Cambridge Associates, hired as a one-time consultant, will conduct the study. Mr. Satkus doesn't expect results until the end of March, when the investment board will review recommendations.
United States Olympic Foundation, Colorado Springs, Colo., is undertaking a comprehensive review, said Thayer Tutt, investment committee chairman and board member. Newly hired consultant PRIME Asset Consulting is conducting the review of the $210 million fund, to be completed in early March. Six to eight managers could be changed as a result, he said. PRIME replaced Merrill Lynch, Mr. Tutt said.
Fraser Papers Inc., Stamford, Conn., is conducting a comprehensive review of its $95 million pension plan, said Bernard LeBlanc, director-pension administration. Ashford Capital Management is advising.
New Castle (Del.) County Employees' Pension Program is undertaking an asset allocation study of the $270 million pension plan, said Patricia Lutz Dilenno, chief human resources officer. Balentine is conducting the study.
