Norfolk County Retirement System, Canton, Mass., is searching for a commission recapture broker. Proposals are due at noon EDT April 7. Consultant Wainwright Investment Counsel is assisting. The $393 million pension plan employs two commission recapture brokers, Rochdale Securities and Donaldson & Co., said John Keenan, executive director; their status is pending results of the search.
Los Angeles Department of Water and Power Employees' Retirement Plan is searching for three managers to run a combined $675 million in active international equities, benchmarked to the MSCI EAFE, and two firms to manage a total of $75 million in active emerging markets equities, benchmarked to the MSCI EMF. Duamel Vellon, retirement plan manager, said the $5.3 billion pension plan is in the process of issuing RFPs for all mandates. The RFP is available on the fund's website, retirement.ladwp.com, and responses are due April 14.
Essex Regional Retirement Board, Danvers, Mass., is searching for a manager to run $10 million in active domestic large-cap core equities, said Kevin Leonard of consultant Segal Advisors. Funding will come from rebalancing. Officials for the $175 million system plan wanted greater diversification among managers and plan to make a selection by this summer. Proposals, due April 14, are available by e-mail from Rosemary Guillette at [email protected]
Woburn (Mass.) Contributory Retirement System is searching for an actuary. Proposals are due at noon EDT April 17. The $66 million pension plan doesn't have an actuary, said a spokeswoman. Interested parties should contact consultant Bart Earley, Wainwright Investment Counsel, 1 Boston Place, 20th Floor, Boston, MA 02108, or at [email protected]
Memphis (Tenn.) City Retirement System, with $1.6 billion in assets, will conduct annual manager performance reviews at its April 24-25 board meeting, said Joseph Lee III, finance director. Wilshire Associates is advising.
Louisiana State Police Retirement System, Baton Rouge, is undertaking its first asset-liability study, said Irwin L. Felps, executive director. Officials want to ensure that the $250 million pension plan can fund long-term liabilities. Charles Hall, the plan's actuary, and consultant UBS PaineWebber are assisting with the study, which should be finished by late June, he said.
Ohio School Employees' Retirement System, Columbus, is doing an asset allocation study. Officials at the $6.5 billion pension plan expect the study to be completed by the end of June, according to a plan spokeswoman. Frank Russell is assisting. Current and target allocations are 43.4% and 47%, domestic equity; 16.7% and 16%, international equity; 28% and 23%, fixed income; 10.4% and 10%, real estate; 1.2% and 2%, private equity; and 0.3% and 2%, short-term investments.
Baltimore City Employees' Retirement System is reviewing its money managers and may consolidate its lineup, said Thomas P. Taneyhill, administrator. The $1.2 billion system has "too many managers," he said. Plan officials will discuss the issue over the next few months. The plan had 25 external managers as of June 2001, according to Money Market Directory. Separately, the $13 million Baltimore City Elected Officials' Retirement System also will review its portfolio. Callan Associates is assisting with both reviews.
San Luis Obispo (Calif.) County is considering a new asset allocation model for its $400 million defined benefit plan, said Robert Nagle, investment officer. Consultant Milliman USA proposed a model of 44% domestic equity, 38% fixed income, 10% real estate, 7.5% international equity and 0.5% cash. The current model is 41% domestic equity, 44% fixed income, 9.5 % real estate, 5% international equity and 0.5% cash. Plan officials will consider the new model by late June, Mr. Nagle said.
Barge, Waggoner, Sumner & Cannon Inc., Nashville, Tenn., will conduct an asset allocation study of its $15 million pension plan, said Thomas A. Allen, senior vice president. The annual study will begin within the next three months and will be finished by the end of June. Merrill Lynch is advising.
Pennsylvania State Employees' Retirement System, Harrisburg, may conduct an asset-liability study of the $20.3 billion pension fund within the next year, said Nicholas Maile, board chairman. The system rehired consultant Rocaton Investment Advisors earlier this year, and an asset-liability study is often conducted "within the first year of a (consultant's) contract," he said.