Barnstable County Retirement System, Yarmouth Port, Mass., is searching for two equity managers to run $16 million each, one in domestic small-cap core and one in international growth. The searches were prompted by a new asset allocation recommended by the $325 million system's investment consultant, Segal Advisors. The RFPs are available from Rosemary Guillette at [email protected]; proposals are due Sept. 22.
San Francisco City & County Employees' Retirement System approved an RFP for at least one manager to handle $215 million in active domestic small-cap growth equities now run by Credit Suisse Asset Management. The $10.7 billion pension fund set an Oct. 24 deadline for responses; CSAM is eligible to rebid. "This search is necessitated by several recent departures from the firm, most recently of (portfolio manager) Beth Dater," said a memo to the board from consultant Angeles Investment Advisors. Angeles also recommended postponing a planned search for a new enhanced index manager until late this year or early 2004.
Phoenix City Deferred Compensation Trust issued an RFP for an administrator, said Heather Donnelly, benefits analyst. Longtime administrator ICMA was not hired through competitive bidding, she said, and city officials decided it was time to go through that process. ICMA will be allowed to rebid. Proposals will be due Oct. 24, and the board hopes to make a selection at its Dec. 10 meeting. Mercer Investment Consulting will assist the $450 million 457 plan.
Idaho Endowment Fund Investment Board, Boise, plans to issue an RFP later this month for a global custodian, said Matthew Haertzen, CIO. Incumbent KeyBank will be allowed to rebid. Mr. Haertzen declined to say why the board of the $700 million endowment is conducting the search. Dain Rauscher is assisting.
Wiss, Janney, Elstner Associates Inc., Northbrook, Ill., is looking for a real estate fund to add as an investment option in its $32 million 401(k) plan, said Thomas Oczkowski, vice president-finance and administration. Plan officials decided that real estate is the one investment area lacking in the plan's current offering of 11 funds, Mr. Oczkowski said. A selection is expected at the plan's October audit committee meeting; DiMeo Schneider is assisting.
CalPERS may issue several RFPs for consultants. A new ad hoc board subcommittee recommended on Sept. 11 that the $145 billion system issue RFPs for a pool of consultants, potentially adding specialists for alternative investments and absolute-return strategies. If approved by the investment committee of the California Public Employees' Retirement System, Sacramento, which was to meet Sept. 15, the RFP would be issued by Oct. 30, with proposals due Dec. 15. Also, the committee recommended issuing RFPs for its primary general consultant and a real estate consultant for contracts starting July 1. Wilshire Associates serves as the primary general consultant and PCA is the real estate consultant.
Marin County Deferred Compensation Program, San Rafael, Calif., issued RFIs to incumbent providers Nationwide and ICMA, looking to go with one bundled provider for the $75 million 457 plan rather than the current two, said Michael Smith, county treasurer. Plan officials want to reduce costs, ease administration and offer more online services, he said. The plan also could consolidate some of its 25 investment options, and will likely add a brokerage window, Mr. Smith said. Interviews with Nationwide and ICMA will be held at the end of October. Depending on the outcome, the plan may issue RFPs to additional providers. Arnerich Massena is assisting.
Iron Workers Mid-America Pension Fund, Lansing, Ill., might issue an RFP by the end of the year for an active domestic large-cap growth manager, said Joe Burke, administrator. The $300 million plan's board of trustees would fund the hiring by terminating a manager that runs a similar portfolio, Mr. Burke said; he would not identify the firm. Marco Consulting Group will assist.
Alabama Prepaid Affordable College Tuition Program, Montgomery, has not made a selection in its search for an active domestic small-cap core equity manager, and it may issue a new RFP after its consultant reviews the plan, said Anthony Leigh, deputy state treasurer. Citigroup, which runs $59 million in a similar portfolio, did rebid. The board for the $550 million 529 plan might decide about a new RFP at its Dec. 3 meeting.
Fulton County School Employees' Pension Fund, Atlanta, plans to conduct an asset allocation study and performance review of the $135 million plan, said Harold Grindle, treasurer. Plan officials hope to have results of the study and review by the end of the year; manager changes are possible, along with an increase in the plan's equity allocation, Mr. Grindle said. The plan's asset allocation is 88% fixed income and 12% equity.
