Florida State Board of Administration, Tallahassee, is searching for separate account managers or fund of funds managers to run the $84.8 billion system's new distressed debt program, said Lee Baldwin, spokeswoman. The initial allocation of $200 million to $300 million will be funded from money flowing back to the system from large buyout funds that are maturing. Proposals are due Jan. 13; additional information is available on the system's website at www.fsba.state.fl.us.
Hampden County Regional Board of Retirement, Springfield, Mass., issued an RFP for an active domestic core fixed-income manager to handle $25 million to $30 million, said William B. Southerland, executive director. Sirach Capital, which now manages the money in a similar style, is welcome to rebid, Mr. Southerland said. Officials at the $150 million pension plan decided to conduct the search because of performance and personnel changes at Sirach, he said. William Pharr, director of human resources at Sirach, did not return calls seeking comment by press time. The RFP is available from consultant Segal Advisors by mail or by fax at (617) 424-7390. Proposals are due Jan. 23, he said.
Tulsa (Okla.) Municipal Employees Retirement Plan board members at the end of January will discuss enhanced index equity investments with Callan Associates, the $250 million pension plan's consultant. The board will decide by the end of February if it wants to pursue such an investment, said Christine Fisher, retirement specialist.
Shelby County Retirement System, Memphis, Tenn., will conduct an asset allocation study, said David H. Pontius, manager of pension investments. It will be initiated after the $675 million pension plan's annual manager performance review this month, Mr. Pontius said. The system's current asset allocation is 50% domestic equity, 43% fixed income, 5% international equity and 2% cash. Consulting Services Group will advise.
Chicago Firemen's Annuity & Benefit Fund is conducting an asset-liability study that will be completed by the end of February, said Michael Moran, comptroller. Officials for the $860 million pension plan conduct such a study every two years, Mr. Moran said. The fund's asset allocation is 80% equity and 20% fixed income. Mercer Investment Consulting is advising.
Philadelphia Public Employees' Retirement System will look into investing in hedge funds, said Tony Johnson, CIO. The $3.9 billion plan's board of directors will hear a presentation from its investment staff in February or March about the asset class, according to Mr. Johnson. The fund currently has 4.6% of total assets invested in private equity, its only alternative investment.
California Casualty Management Co., San Mateo, Calif., is conducting an asset-liability study of its $75 million pension plan; it will be finished in February, said Janet M. Quilici, assistant vice president and director of benefits. The plan's asset allocation is 50% equity, 35% fixed income and 15% international equity. Consultant Callan Associates and actuary Altman & Cronin are assisting.
Newspaper Guild, San Francisco & Oakland, San Francisco, is conducting an asset allocation study of its $93 million pension plan, said Kathleen Balles, administrative manager. The study will be finished in March, she said. Callan Associates is advising. Further details were not available.
New Orleans Harbor Police pension fund plans to search for a consultant to conduct an asset allocation study of the $12 million plan, said Robert Hecker, fund chairman and harbor police chief. Plan officials also expect to seek new investment managers after the study, he said. Bank One Investment Management Group was the plan's custodian and money manager. First Bank & Trust of New Orleans recently replaced Bank One as custodian, said Lyn C. Ledbetter, executive director of the Council of Louisiana Trustees and a member of the Harbor Police fund board.. Julie Crothers, spokeswoman for Bank One Investment Management Group, said the firm had no comment.
Lexington (Mass.) Retirement System, soon will begin a comprehensive study, to be conducted by newly hired consultant Meketa Investment, said Marguerite Oliva, retirement administrator. New investment manager hires are likely, but current managers probably won't be terminated, she said. Meketa is the $71 million plan's first consultant.
Norwich (Conn.) City Employees' Retirement System will undertake a review of its pension plan in the near future; it will be conducted by newly hired consultant Prime Consulting, said Vivian LaPointe, plan administrator. The pension plan has $121 million in assets, according to the Money Market Directory.
