Oklahoma Public Employees Retirement System, Oklahoma City, will issue RFPs during the first week of February for two or three managers to run a total of $420 million in an enhanced Russell 1000 index fund and two active domestic equity managers, one to handle $130 million in large-cap value and one to run $35 million in small-cap growth, said Kirk Stebbins, chief investment officer. The changes are due to a new investment policy for the $4.3 billion fund's $1.8 billion in domestic equity assets. Proposals probably will be due by the end of February, he said. RFPs are available from Mr. Stebbins via e-mail at [email protected] Strategic Investment Solutions is the consultant.
Falmouth (Mass.) Contributory Retirement System will issue an RFP soon for a manager to run $6 million in an international growth equity commingled fund, said Margaret Correllus, administrator and board member. Officials at the $55 million pension plan want to compare the performance of the State Street Global Advisors International Growth Opportunities commingled fund, in which the money now is invested, with that of similar funds. The RFP will be available by Feb. 7 from consultant Wainwright Investment Counsel's website, www.winvcounsel.com.
Virginia Retirement System, Richmond, is conducting a shortlist search for an investment consultant to help it screen hedge funds, said Nancy Everett, CIO. The $32.5 billion system is conducting the search internally.
Oklahoma City Employee Retirement System is conducting shortlist searches for two active domestic small-cap equity managers to run $16 million each, one in growth and one in value, said Rena Hutton, retirement system manager. Asset Consulting Group advised the $326 million plan.
Rinker Materials Corp., West Palm Beach, Fla., is conducting a shortlist search for a manager of managers and custodian for its three pension plans, which have a combined $28 million in assets, said Frank LaPlaca, director of human resources and benefits. Diversified Investment Advisors, the current manager of managers and custodian for the $8 million hourly and $12 million salaried pension plans, will be allowed to rebid, Mr. LaPlaca said. Plan officials decided to conduct the search because they want the same manager to handle the existing plans and the $8 million pension plan for newly acquired Kiewit Materials Corp., he said. Wilmington Trust is sole investment manager for the Kiewit plan, and State Street Corp. is custodian, he said. The search is being conducted internally.
Concordia College, Moorhead, Minn., will search for an active domestic small-cap blended equity manager to run $7 million to $10 million for the $65 million endowment, said Mark Lillehaughen, controller. No RFPs will be issued, he said; endowment officials will meet with DeMarche Associates, the plan's consultant, at the end of this month to select up to four managers for interviews.
Phillips-Van Heusen Corp., Bridgewater, N.J., issued a shortlist RFP for a trustee for its $115 million pension plan, said Mary E. Kazan, director of benefits. Plan officials terminated Frank Russell as trustee and manager of managers. Plan officials decided to abandon the manager of managers structure after an asset allocation study, Ms. Kazan said.
Chicago Public School Teachers' Pension & Retirement Fund may search for non-core real estate managers later this year, said Michael J. Nehf, executive director. Funding could come from the proceeds of the $86 million Times Square Charter real estate fund, which the $8.8 billion plan is closing. Also, plan officials will review $240 million in real estate investment trusts; depending on the results, those assets could also be used to fund new managers, Mr. Nehf said. Trustees don't yet have a timetable for a decision on the real estate search. Townsend Group is assisting.
Buffalo Laborers Pension Fund, Cheektowaga, N.Y., this month will consider how to invest $10 million, following the termination of Oppenheimer Capital, which ran the assets in an active domestic large-cap value equity portfolio, said Thomas L. Panek, administrator. The $110 million pension plan terminated Oppenheimer for performance, Mr. Panek said. Paul Doane, senior vice president at Oppenheimer, did not return calls seeking comment by press time. Marco Consulting advised.
Washington Metro Area Transit Authority may raise its $450 million Salaried Personnel Plan's fixed-income allocation to at least 45% of total assets, from 35%, said Ehsan Rahman, CIO. The plan also is considering switching part of its equity exposure to passive from active and searching for a new manager. Mr. Rahman said the plan officials have not decided how much of its equity allocation to move to passive management.