Washington State Investment Board, Olympia, issued RFPs for international developed-market index and enhanced index equity managers. Portfolio sizes have not been finalized. Interested firms must provide information to Callan Associates, the $40 billion board's consultant, by Nov. 14. Selections are expected in February, with four-year contracts to begin July 1. The RFP is available on the board's website, www.sib.wa.gov. Contracts with current managers Delaware International, Putnam, Dresdner RCM, Artisan, Pyrford and Nicholas-Applegate expire on June 30, 2004, said Liz Mendizabal, spokeswoman; those managers can rebid. As of June 30, the system had $5.6 billion in international equity investments.
New York City Retirement Systems issued a request for qualifications for managers to invest up to $175 million in emerging private equity funds. Officials at the $74 billion system are looking at small first-time funds, particularly from women- or minority-owned firms, said William C. Thompson, comptroller, in a news release. The selected funds will handle money from the system's four pension funds: employees' and teachers' retirement systems, and police and fire department pension funds. Funding will come from domestic equity portfolios, said Jeff Simmons, spokesman for Mr. Thompson; specifics haven't been determined. Proposals are due Nov. 7. The form is available online at www.comptroller.nyc.gov. Separately, the four funds also will issue RFPs for managers to run a combined $361 million in real estate assets and $253 million in TIPS, the result of a new asset allocation policy, said Mr. Simmons. The real estate RFP will be released in November; the RFP for TIPS will be released the following month, he added. The policy, set after each fund conducted a separate study, will remain 70% equities, 30% fixed income but with greater diversity within those categories. The 5% real estate allocation will be under equities, and the 3.5% TIPS allocation will be within fixed income.
New Mexico Public Employees Retirement Association, Santa Fe, is searching for several fixed-income managers to run a total of $2.1 billion, said Robert Gish, CIO. The $8.4 billion system split its fixed-income allocation into six different styles: core; core plus; high yield; U.S. government; short-term investments; and Lehman Brothers Government & Credit index. Specific portfolio sizes have not been determined. Current managers Barclays Global Investors, Fiduciary Trust and Reams Asset Management can rebid. RFPs are available by contacting Barbara Montoya, investment officer, at 505-827-4707 or faxing Ms. Montoya at 505-827-6421. Separately, the system in January expects to launch a search for managers to invest in enhanced index domestic stock portfolios where derivatives are used, said Mr. Gish. Contracts with the system's 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. A new state law allows investments in enhanced indexes that include derivatives, Mr. Gish said. Callan Associates is expected to assist.
Chicopee (Mass.) Contributory Retirement System is searching for a manager to run $12.5 million in active domestic large-cap growth equities, a new asset class for the $98 million plan. Funding will come from reducing other equity portfolios. The deadline for RFPs is Nov. 14, said Kevin Leonard of consultant Segal Advisors. RFPs may be obtained from Rosemary Guillette at [email protected]
Los Angeles County Deferred Compensation & Thrift Plan is searching for the $2.8 billion 457 plan's first consultant to provide proxy voting services, said Teresa Gee, financial analyst. The selected firm must have at least five years of experience in providing proxy voting services. The RFP is available on the plan's website, isd.co.la.ca.us, or by mail from Larry Uyeda, senior finance analyst for the treasurer and tax collector, at 500 W. Temple St., Room 432, Los Angeles, CA 90012. Proposals are due Dec. 3.
Illinois State Board of Investment, Chicago, will search for at least one active domestic small-cap equity manager to run a total of $300 million. The funds are now with Northern Trust, split between Russell 2000 growth and value index funds. The $8.3 billion system last spring terminated small-cap managers Nicholas-Applegate, which managed $180 million in growth, and TCW, which ran $130 million in value. William Atwood, executive director, said staff will work with consultant Marquette Associates on the criteria for the search, including how many managers, and when RFPs will be issued.
Memphis (Tenn.) City Retirement System will decide within two months whether to proceed with a search for its first active international value equity manager, said Joseph Lee III, director of finance and administration. The $1.7 billion plan was to interview firms in August, but the process was delayed because the system is conducting "internal due diligence," Mr. Lee said; he would not provide details. The portfolio size and funding source have not been determined. Wilshire Associates is consultant.