CalSTRS will issue RFPs by the end of June for one or more active domestic equity managers for its new developing manager program, as well as one or more corporate governance/relational managers. The size of the allocations has not yet been determined by the $90 billion California State Teachers' Retirement System, Sacramento.
Michigan Municipal Employees' Retirement System, Lansing, is revamping its $400 million international equity allocation, accorading to Jeb Burns, director of investments. Staff at the $3.3 billion system is searching for one or more active international large-cap equity managers, and they are evaluating whether to do a growth or a value tilt, he said. The portfolio size has not been determined. The system may also add an international small-cap equity manager.
Los Angeles County Employees Retirement Association, Pasadena, Calif., issued RFPs for two active domestic fixed-income managers, one core and the other enhanced core, said Juan M. Almaguer, senior investment manager for fixed income. Officials for the $24 billion system have not determined portfolio sizes. The RFPs are on the system's website, www.lacera.com. Further details were not available by press time.
Worcester (Mass.) Regional Retirement System issued an RFP for an active domestic small-cap growth equity manager to run $13 million for the $261 million system, said Kevin Leonard, the Segal Advisors consultant who is assisting. RFPs are available from Rosemary Guillette by e-mail at [email protected] Proposals are due May 27.
Southfield (Mich.) General Employees' Retirement System issued RFPs for two domestic equity managers, one large-cap and one small-cap, to run $10 million each, said James B. Pierce, deputy city treasurer. Officials for the $73 million pension plan will decide on styles of the portfolios after receiving proposals. The RFPs are available on the plan's website, at www.cityofsouthfield.com; the tentative deadline for proposals is May 30, he said. CRA RogersCasey is advising.
Cambridge (Mass.) Retirement System, with $430 million in assets, issued an RFP for a core fixed-income manager to run $30 million, said consultant Kevin Leonard of Segal Advisors. RFPs may be obtained via e-mail from Christopher Tehranian at [email protected] Proposals are due June 2.
Highland Council Pension Fund, Inverness, Scotland, issued RFPs for managers to run U.K. fixed-income, global equity and real estate portfolios, said Brian Williams, head of fund accounting. He expects to finalize the benchmarks and portfolio sizes after the proposals are submitted. After an investment review that was conducted by Hymans Robertson, officials for the £400 million ($639.4 million) scheme decided to move to a specialist money manager structure, he said. Proposals are due in June.
Illinois State Board of Investment, Chicago, is searching for its first investment consultant, said William Atwood, executive director. "We stratified the universe into large, national consultants and midsize Chicago- or Midwest-based consultants and will send out about 20 RFPs," he said. Unsolicited proposals will be considered on a case-by-case basis, depending on whether they meet the $7 billion board's criteria, he added. Tasks would include assisting in asset allocation, monitoring managers, performance analysis, and manager selection.
New York City Retirement Systems plans to issue an RFP for managers to run economically targeted investments, said Nicole Lise, spokeswoman. The $69 billion system now has $289 million in that investment program.
Clearwater (Fla.) Employees Pension Fund may search for a core fixed-income manager to run $40 million, said Stephen Moskun, cash and investment manager. Officials at the $413 million plan will make a decision on whether to search for a manager, its third for fixed income, by early July.
Seattle City Employees' Retirement System plans to invest about $40 million in alternative investments and $35 million in real estate. There are no specific mandates or timetables, and all searches will be conducted internally. In alternatives, the $1.2 billion pension fund is collecting information about structured-equity or structured-debt strategies involved in middle-market, non-control buy-ins. The fund also seeks more information about direct or fund-of-funds investments in hedge funds. Also, fund officials are interested in collecting information about timber.
