Montana Board of Investments, Helena, issued an RFP for the $6 billion system's first investment consultant, said Carroll South, executive director. The board wants an external consultant to help "find a way to add value" to the fund's nine defined benefits pension plans and to make sure the board is fulfilling its fiduciary duties, said Mr. South. Proposals are due July 30. Mr. South said he expects the board to interview three finalists at its Aug. 26 meeting.
Lexington (Mass.) Contributory Retirement System is searching for a tactical asset allocation manager to run $8 million in niche asset classes such as inflation-indexed bonds, high-yield securities and emerging markets equities, according to the Massachusetts Public Pension Forum, a website that includes RFPs from municipal pension plans. Proposals are due July 30. Meketa Investment Group is assisting. The forum website is www.mppf.org. John Ryan, controller and trustee, did not return several calls seeking comment. The plan has $71 million in assets, according to the Money Market Directory.
Ohio Public Employees Retirement System, Columbus, issued an RFP for up to two managers to run a stable-value option for the $58.7 billion system's defined contribution plan, said Richard Baker, spokesman. The RFP is available at http://www.opers.org/aboutOPERS/RFPs/index.shtml and two hard copies and one electronic copy of proposals are due by 3 p.m. EDT Aug. 13. Questions can be directed to Roger Fox, investment manager, at 614-228-8484. Ennis Knupp is assisting.
San Francisco City & County Employees' Retirement System will issue an RFP for at least one manager to run a total of $200 million to $400 million in active domestic large-cap growth stocks. The $11.8 billion system is conducting the search because of continued poor performance and significant organizational and personnel turnover at manager RCM Global Investors, according to staff and consultant Angeles Investment Advisors. In April, the system cut RCM's $425 million mandate by $200 million because of performance concerns. RCM may bid in the new RFP. The search will be conducted through the InvestorForce Search Exchange. Responses are due Sept. 3, with semifinalists to be picked by October. Jennifer Callahan, an RCM spokeswoman, declined to comment.
Los Angeles City Employees' Retirement System issued an RFP for a manager to run $230 million in active intermediate-duration fixed income, a new asset class, according to staff at the $7.7 billion plan. Funding will come from cash. The RFP is on the system's website, www.lacers.org; proposals are due Sept. 10.
Virginia Retirement System, Richmond, is searching for a consulting actuary. The $39.8 billion system hopes to make a selection by the end of October. Current actuary Gabriel, Roeder, Smith's contract expires at the end of the year; Forrest Matthews Jr., executive director, said he expects the firm to rebid. One of the "critical aspects of the decision" will be whether the bidding firms have liability limits, he said.
New Mexico Public Employees' Retirement Association, Santa Fe, will issue RFPs around Oct. 1 for an active small-cap equity manager and up to two mortgage managers of managers, said Robert E. Gish, director of investments. The equity manager will run $300 million, possibly benchmarked to the Russell 2000 growth or Russell 3000 growth indexes, Mr. Gish said. The portfolio's current manager, American Express, is on the $9.4 billion plan's watchlist, he said. Current mortgage managers of managers Salomon Smith Barney and Smith Breeden each run $400 million. All three managers' contracts expire in 2005. Any firm wishing to bid should fax a request indicating the RFP in which they are interested to Mr. Gish at 505-827-6421, or call Barbara Montoya at 505-827-4707.
Washington State University Foundation, Pullman, will search for hedge fund or fund of funds, private equity and inflation-indexed asset managers later this year, based on an asset allocation the $210 million fund approved earlier this year. Hammond Associates, newly hired as the foundation's first investment consultant, will assist. The new asset allocation increases alternative investments to 20%, from 5% (invested in private equity) and adds a 10% allocation to inflation-hedged assets, said Steve Schauble, vice president for finance.
Santa Barbara (Calif.) County Employees' Retirement System might add an alternative investment allocation and expand its real estate portfolio, based on the results of an asset-liability review of the $1.35 billion fund, said Oscar Peters, retirement administrator. The board will attend education sessions on the asset classes during its October retreat and could make a decision as early as November; manager searches could result, he said.