Illinois Teachers' Retirement System, Springfield, is searching for an active domestic large-cap growth equity manager to run $664 million. Trustees of the $30 billion plan terminated the portfolio's previous manager, MFS, for performance and ongoing securities trading litigation, according to a statement. MFS had been on the plan's watchlist. The plan's consultant, Callan Associates' Chicago office, is handling the search. David Oliveri, an MFS spokesman, declined comment.
Los Angeles County Employees Retirement Association, Pasadena, Calif., issued an RFP for one or two firms to run up to $300 million total in a domestic equity emerging manager of managers program, said Lisa Mazzocco, deputy CIO. Officials at the $26 billion system plan to assign $100 million to $150 million per manager. The RFP is available on the system's website, www.lacera.com/home/index.html. Responses are due March 12. Also, the system expects to search in a couple of months for an active domestic small-cap core equity manager to run $200 million. The portfolio's current manager, Capital Guardian, will be invited to rebid. Also, the system is launching a search for a real estate consultant, said Gloria Gil, senior investment officer, real estate. Current real estate consultant Townsend can rebid. Ms. Gil expects the RFP to be posted on the fund's website this week.
Cambridge (Mass.) Retirement System is searching for a manager to run a $26 million MSCI All-Country World (ex-U.S.) index fund, said Kevin Leonard, consultant with Segal Advisors. The $527 million system, which has a 10% allocation to international equities, wants to diversify the portfolio from the current core EAFE strategy. Proposals are due March 22 and are available via e-mail from Christopher Tehranian at [email protected]
Louisiana Teachers' Retirement System, Baton Rouge, issued an RFP for an active domestic midcap growth equity manager to run $200 million, said Dan Bryant, CIO. The $11.3 billion system's five-year contracts with incumbents Seneca Capital and Forstmann-Leff will expire in June; each manager runs about $260 million and each will be invited to rebid, Mr. Bryant said. The RFP is available by contacting the system; responses will be due at the end of March. Holbein Associates is assisting.
New Mexico Public Employees' Retirement Association, Santa Fe, may issue RFPs in late April for managers to run $3 billion in a variety of indexed stock portfolios and $300 million in an enhanced large-cap index fund, said Robert Gish, chief investment officer. The $9.4 billion system's board will vote on approving the RFPs at its Feb. 26 meeting. The contracts of incumbents SSgA and Northern Trust are set to expire Sept. 30; both firms are expected to be allowed to rebid. The association also expects to issue RFPs in October for an active domestic small-cap growth manager to run $300 million and a firm to handle $800 million in active mortgage-backed securities. American Express manages the growth equity portfolio; Goldman Sachs and Smith Breeden each run $400 million in mortgage-backed securities. Their contracts expire March 31, 2005. The firms are expected to be allowed to rebid. Callan is assisting.
North Miami (Fla.) Employees' Retirement System expects to issue an RFP by late April for an independent actuary to review the assumptions of Gabriel Roeder Smith, actuary and investment consultant for the $53 million general employees' and $22 million police officers' plans, said Carlos M. Perez, city finance director. The search was to begin in the fourth quarter, but more pressing city issues and staff changes in the city's purchasing department forced a delay, Mr. Perez said. A deadline for proposals has not been set, but once a firm is hired, the review is expected to take a month, he said.
California Savings Plus Program, Sacramento, will review its investment options over the next year and a half, said Alan Staton, manager of outreach and education for the $4.7 billion defined contribution fund. Most manager contracts expire at the end of 2005; RFPs will be issued, but a timetable for issuance has not been set. Some of the program's managers have been named in the mutual fund scandal, which "could be a factor" in future selections, Mr. Staton said.
Illinois State Board of Investment, Chicago, may initiate searches for managers later this year as a result of changes in asset allocation targets by the $9.5 billion fund, said William Atwood, executive director. Searches are possible for managers in domestic midcap, fixed income, and hedge funds of funds. Some of the searches could begin in March. The new targets include a 5% allocation to hedge funds, a new asset class; other new targets are 45% domestic equity, down from 46%; 10% international equity, down from 15%; 25% fixed income, up from 23%; 5% private equity, down from 8%; and 10% real estate, up from 8%. Marquette Associates assisted.