San Francisco City & County Employees' Retirement System issued an RFP for a manager of emerging managers, running up to $200 million, or 5% of the $11.7 billion pension fund's U.S. equity portfolio. The RFP is posted on the plan's website, www.sfgov.org/site/sfers_index.asp, with an April 20 deadline for submissions. A selection is expected at the July 13 board meeting.
Pension Benefit Guaranty Corp., Washington, issued an RFP for an additional fixed-income manager, in keeping with its investment policy, announced late January, of increasing its fixed-income exposure. The deadline for responses is May 7. The agency plans to have a new manager on board by mid- to late summer, according to a spokesman. The PBGC's investment policy includes reducing the equity exposure to between 15% and 25% of its $34.8 billion in assets from 37% over the next two years. Wellington Management and PIMCO are the agency's current fixed-income managers; both firms may bid on the new mandate.
Philadelphia Public Employees Retirement System is searching for at least one emerging manager of managers, according to Tony Johnson, chief investment officer. The $4.1 billion system will hire either one manager to run $120 million or two firms to run $60 million each. FIS Funds Management and PFM Advisors are the current managers; FIS resigned to concentrate on its appointment as the system's general consultant, and PFM can rebid, he said. Applicants must be familiar with local and regional managers in the Philadelphia area and have general knowledge of U.S. women-owned and minority-owned firms. Interested firms should send an e-mail to [email protected]
Falkirk (England) Council Pension Fund is searching for a private equity fund of funds manager to run 5% in plan assets, the result of an asset-liability study conducted by consultant Hymans Robertson, said Bryan Smail, head of treasury and investment. The £600 million ($1.1 billion) pension scheme will fund the new allocation from rebalancing, he said.
Fall River (Mass.) Contributory Retirement System is undertaking a review of the $198 million plan's asset allocation. Recently hired investment consultant Meketa Investment Group is conducting the review, Ms. Tetreault said. The current allocation is 60% equity, 40% fixed income. Meketa will present its initial findings at the end of this month.
Plumbers & Steamfitters, Local 234, Jacksonville, Fla., might add active domestic midcap equities as a new allocation for its $72 million pension plan, said Kingsley Tharpe, business manager. Trustees are likely to decide at their March 25 meeting if they will proceed with the change, Mr. Tharpe said. Further details have not been determined. Marco Consulting is assisting.
Vinson & Elkins LLP, Houston, is conducting an annual review of the investment options in its $410 million 401(k) plan, said Mike Colacicco, employee benefits and risk manager. Trustees might decide to add to the current lineup of 10 funds, Mr. Colacicco said, declining to speculate further on the outcome of the review, which is expected in April. Mercer Investment Consulting is assisting. J.P. Morgan Retirement Plan Services is the bundled provider.
Rockwell Collins Corp.'s $1.9 billion pension fund is considering investments in private equity and real estate, both new asset classes, said Doug Stenske, treasurer of the Cedar Rapids, Iowa, company. The fund could invest $110 million, he said. "We are evaluating different styles of investments than we have," he said. "Private equity and real estate would be most likely." Mr. Stenske said fund officials hope to make a decision on new allocations and searches this year. Shields Associates is assisting.
Clearwater (Fla.) Employees Pension Fund might seek an active international equity manager early next year, said Stephen Moskun, cash and investment manager. The $484 million plan terminated previous manager INVESCO Institutional in January; INVESCO ran $19 million in a commingled fund. The money was spread among existing managers. Callan assisted.
West Yorkshire Pension Fund, Bradford, England, might add alternatives, including hedge funds, as a new allocation, said Robert Prance, investment adviser. The £4.5 billion ($8.2 billion) scheme is reviewing its asset allocation, he said. No timeframe has been set for adding the asset class, and no consultant is being used. Further details were not available.
