New York City Retirement Systems issued an RFP for a private equity consultant for four of the systems' five pension funds, said Scott Taffet, spokesman for William C. Thompson, city comptroller. Current consultant Pacific Corporate Group can rebid. The RFP is available at www.comptroller.nyc.gov/bureaus/bam/rfps.shtm; responses are due June 8. The $34 billion New York City Employees' Retirement System has $234.7 million in private equity and opportunistic real estate; the $26.9 billion Teachers' Retirement System, $161 million; the $15.9 billion Police Pension Fund, $171.9 million; and the $5.4 billion Fire Department Pension Fund, $82.2 million.
Muskegon, Mich., issued an RFP for an investment consultant for its city employees' and police and fire pension plans, which have combined assets of $80 million, said Tim Paul, finance director. Incumbent Becker, Burke can rebid. The RFP is available through the city's finance department by phone at (231) 724-6713. Responses are due June 22.
Milwaukee City Employes' Retirement System will issue RFIs for risk management consultants to assess the appropriate level of liability insurance for the $4 billion system's investment managers. The RFIs will be available on the system's website, www.cmers.com. Proposals are due July 13, said Jennifer A. Shannon, chief investment officer. T.E. Brennan, the incumbent risk management consultant, will be invited to submit a proposal.
Baltimore City Employees' Retirement System plans to search for an actuary in the third quarter, said Roselyn H. Spencer, executive director. Incumbent Mercer Human Resource Consulting's five-year contract with the $1.2 billion plan will expire in 2005, she said; the firm can rebid. The RFP will be issued in July or August, but further details have not been determined. North Point Advisors will assist.
Lumina Foundation for Education, Indianapolis, expects to search over the next several years for a variety of real estate and private equity managers, said Nathan Fischer, vice president-investments. Fund officials have planned the searches because of a shift in the $1.1 billion fund's alternatives allocation, raising private equity to 10% of total assets from 5%, increasing hedge funds to 8% from 7.5%, and creating a real assets class with a 15% target, changing what had been a 7.5% allocation to just REITs. The new asset class includes private real estate funds and REITs, timberland, agricultural lands, oil and gas, commodity indexes, energy and mineral stocks, and Treasury inflation-protected securities. Cambridge Associates is assisting.
Eastman Chemical Co., Kingsport, Tenn., might add a new alternatives portfolio in the second half of the year, said Ralph Egizi, director-benefits finance and foreign exchange. The $1 billion pension plan has a 15% alternatives target allocation and might commit to a new private equity, real estate or natural resources portfolio as current investments mature, Mr. Egizi said. Officials will decide after June whether to proceed with a hiring.
Fairfax County Educational Employees' Supplemental Retirement System, Springfield, Va., might review its real estate allocation this summer, said Alan Belstock, executive director. The $1.52 billion fund has a 7.5% allocation to real estate, all in REITs.
Adams County Retirement Plan, Brighton, Colo., is informally considering alternatives investments, said Pam Mathisen, administrator of the $143 million plan. Trustees are discussing real estate and hedge funds "to see what else is out there," Ms. Mathisen said. The plan's current asset allocation is 60% equity, 40% fixed income. Watershed Investment Consultants is assisting.
David Lipscomb University, Nashville, might add an alternatives allocation, said Larry Cochran, associate vice president-finance. Officials for the $60 million endowment fund have not settled on the type or size of a new portfolio, he said; he could not speculate when a search could be launched. The current asset mix is 80% equity, 15% fixed income and 5% cash. Smith Barney is assisting.
San Diego City Employees' Retirement System officials expect to conduct an asset allocation study this summer, said Dawne Clark, assistant investment officer of the $3.15 billion pension fund.
Oklahoma City Employee Retirement System might begin talks this summer about adding an alternatives allocation, said Rena Hutton, retirement system manager for the $408 million plan. Trustees will decide in June or July whether to go into formal discussions about the matter, she said. Asset Consulting Group will assist. The current asset allocation is 60% equity and 40% fixed income.