Maryland State Retirement and Pension System, Baltimore, is searching for at least one active domestic core-plus fixed-income manager to run $4 billion, about half of the $24.6 billion system's total fixed-income assets, Carol Boykin chief investment officer, said in a statement. Funding will come from internally managed fixed-income portfolios. The search is the result of an asset allocation review conducted by consultant Ennis Knupp.
California State Teachers' Retirement System's staff proposed shifting nearly $3.8 billion in domestic equities to active from passive management, which could lead to RFPs for external active equity managers. Staff and consultant Pension Consulting Alliance recommended the $90 billion Sacramento-based pension fund shift its target split between passive and active strategies to 70%-30%, with bands of five percentage points. Currently, the target mix is 80% passive, and 20% active. There was no timetable for RFPs. CalSTRS' investment committee will consider the proposal on March 5. Separately, CalSTRS plans to hire one or two managers to run a new $100 million commitment to "new and next generation" private equity managers. If approved by the investment committee on March 5, staff would draw up an RFP for managers to run the money in either funds of funds or separate accounts.
San Francisco City & County Retirement System issued an RFP for an alternatives investment consultant for the $9.8 billion system. Incumbent Cambridge Associates will be allowed to rebid. Copies of the RFP are available by contacting David Kushner, deputy director for investments, at (415) 487-7001, or by e-mail at [email protected] Proposals are due March 17.
New York City Deferred Compensation Plan, with $4 billion in assets, is issuing an RFP for synthetic GIC managers to manage a total of $750 million, said Dean Weltman, plan compliance officer. Current managers BlackRock, CreditSuisse, PIMCO and Wellington are allowed to rebid. The RFP was to be posted Feb. 28 or March 3 on the plan's website at www.nyc.gov/deferredcomp. Proposals are due April 11.
City of Phoenix Deferred Compensation Fund issued an RFP for an investment consultant to advise on its $400 million 457 plan, said Heather Donnelly, benefits analyst. Incumbent Becker Burke's contract was recently extended; Ms. Donnelly said it is standard practice to conduct a search when a contract is up. The RFP is from Corey Williams, benefits aide, by e-mail at [email protected]; proposals are due May 16.
California Public Employees' Retirement System, Sacramento, will issue an RFP for a strategic partner to originate, vet and invest alongside a new $5 billion credit-enhancement program. The RFP will be issued by mid-March and make a selection late May.
Illinois Teachers' Retirement System, Springfield, will initiate a "stand-by" search for an active international equity manager to run $497 million. Consultant Callan Associates will conduct the search. Current portfolio manager Martin Currie was placed on watch for organizational reasons and because its returns fell below a preset point established by the $21.3 billion system, triggering the watch. A decision on Martin Currie will be made later, according to a statement from the system.
MG North America Holdings Inc., New York, plans to search for managers for its new $43 million master trust, said Ingrid Krinke, senior vice president-human resources. They will begin after the company hires a consultant and custodian, which officials will select March 10. Ms. Krinke declined to identify the custodians and consultants under consideration. The master trust was created from the merger of three active and four frozen defined benefit plans for MG's U.S. subsidiaries.
Detroit Institute of Arts is conducting an asset allocation study of its $6 million pension plan, said William Neal, vice president-finance and administration. New England Pension Consultants will present the results at the plan's March 14 board meeting; it's too early to predict if manager changes might result, he said. The current asset mix is 60% equity and 40% fixed income.
Sutter Health, Sacramento, Calif., will begin asset allocation and asset-liability studies of its $400 million pension plan by May, said Diane A. Schnabel, director of employee benefits. Plan officials are enhancing employee benefits and want to make sure liabilities will be covered, and also have concerns about the marketplace in general, she said. The plan's current asset allocation is 67% equity and 33% fixed income. Towers Perrin will advise.