New Mexico Public Employees Retirement Association, Santa Fe, plans to invest in enhanced index domestic stock portfolios that include derivatives, said Robert E. Gish, CIO. A new state law allows the system to invest in enhanced indexes that include derivatives, he said.
The $8.4 billion system expects to launch a search in January for domestic enhanced index equity managers; the contracts with its current index managers, Northern Trust and State Street Global Advisors, expire Sept. 30, 2004. The firms run a combined $2.5 billion; both can rebid, he said. Callan Associates is expected to assist.