Indiana Public Employees' Retirement Fund, Indianapolis, will search for a record keeper for its $1.8 billion in defined contribution assets, said Patricia J. Gerrick, CIO. The fund now does the record keeping internally but wants to outsource because of the "complexity of tracking individual accounts," Ms. Gerrick said. "Our system is overwhelmed." The RFP is posted on the fund's website, www.state.in.us/perf. Proposals are due July 10, and the fund expects to select a vendor at the trustees' Sept. 19 meeting.
Denver Board of Water Commissioners issued an RFI June 20 for an investment consultant for its $180 million employees' retirement pension plan, said Kathryn Kempke, manager of treasury operations. It's been five years since plan officials have issued a consultant RFI, and "it's time to look around," Ms. Kempke said. Current consultant Innovest is also consultant to the system's 401(k) and 457 plans, with combined assets of more than $34 million. The RFI is available on the board's website, www.denverwater.org, under "Doing Business w/DW," and replies will be due in mid-July, Ms. Kempke said. If plan officials decide to change consultants based on the submissions, they will make a selection by Oct. 1, in time for the plan's fourth-quarter review, she said. The new consultant would be expected to conduct an asset allocation study of the plan as part of its standard duties. The plan's asset allocation is 45% domestic equity, 36% fixed income, 14% international equity and 5% real estate.
Buckinghamshire County Council Superannuation Fund, Aylesbury, England, issued RFPs for two managers, one to run £85 million ($145 million) in global bonds and one to handle £25 million in U.K. real estate, said Phil Triggs, principal treasury accountant. Funding will come from the global bond and U.K. real estate components of balanced portfolios run by Deutsche Asset Management and Fidelity International Pensions Management, which together manage most of the £600 million scheme's assets in balanced portfolios, he said. The scheme is shifting to a specialist approach as a result of an asset-liability study finished in March by consultant Mercer Human Resources. Plan officials are talking with Deutsche and Fidelity about other parts of their portfolios, but Mr. Triggs declined to provide details. "At the moment, there are no plans to change anything other than the bond and property sections of the portfolios," he said. Proposals are due Aug. 8.
Baltimore County Employees' Retirement System, Towson, Md., is conducting an asset-liability management study, said Robert J. Burros, investment administrator. Investment consultant Ennis Knupp will present the results at the $1.6 billion system's August board meeting. The system has 45% of assets in domestic equities, 33% in fixed income, 20% in international stocks and 2% in private equity.
Omaha (Neb.) School Employees' Retirement System may search for a real estate manager in the next few months, said Michael Smith, executive director. The $792 million plan will increase its real estate allocation to 20% of total assets, from 15%, Mr. Smith said. Funding will come from core fixed income; details were not available. Consultant Townsend Group is assisting. The system's current real estate managers are Aetna, J.P. Morgan, K/B, Tower Fund and Sentinel, according to the plan's website.
Interstate Brands Corp., Kansas City, Mo., may search for a bundled provider or record keeper and investment managers in the first quarter of 2004, said Jackie Holtel, director of employee benefits. UMB Bank, the $255 million 401(k) plan's current bundled provider, record keeper and trustee, sold its employee benefits business to Marshall & Ilsley Trust. The plan will move temporarily to M&I, Ms. Holtel said, but may adopt an unbundled approach. It may hire a consultant next year to conduct a review. The plan has seven investment options.
Oklahoma City Employee Retirement System may shift its $30 million international equity portfolio to active management, said Rena Hutton, retirement system manager. The $354 million system has money in passive mutual funds — Scudder International, T. Rowe Price International, Templeton Foreign, Vanguard International Growth and State Street Global Advisors EAFE — that are not performing as well as system officials would like, Ms. Hutton said. No timeframe has been set for a decision. Asset Consulting Group is adviser.