Swampscott (Mass.) Contributory Retirement System is searching for a private equity fund-of-funds manager to handle $1 million. Funding will come from fixed income, which now represents 35% of the $27 million plan's assets, said Richard DiPesa, retirement administrator. RFPs are available from Rosemary Guillette of consultant Segal Advisors at [email protected]; proposals are due Oct. 10.
Village of Streamwood, Ill., is seeking at least one external domestic fixed-income manager to run up to a total of $10 million for the village's $20 million police and $13 million firefighter pension plans, said Craig Larsen, investment adviser with consultant Apple Hill. The boards of trustees for each plan have not determined if the assets will be actively or passively managed, Mr. Larsen said. Proposals are due Oct. 15; interested parties should contact Apple Hill. The plans' fixed-income assets now are managed internally.
Cambridge (Mass.) Regional Retirement Board is searching for a private real estate manager to run $20 million. Officials at the $534 million plan will consider firms using core or value-added strategies and open-end or closed-end funds. The search was prompted by the system's doubling its real estate exposure to 10% of assets. Funding will come from cash. RFPs are available from Kevin Leonard, the Segal Advisors consultant who is assisting, at [email protected] Proposals are due Oct. 20.
Worcester (Mass.) Regional Retirement Board is searching for commission recapture brokers. The RFP is available from Rosemary Guillette of consultant Segal Advisors at [email protected] Proposals are due Oct. 18. Michael J. Donoghue, chairman and chief executive of the $201 million plan, could not be reached by press time for comment.
Iowa Public Employees' Retirement System, Des Moines, plans to issue an RFP Oct. 18 for core and core-plus fixed-income managers for an assignment of $1.1 billion. Funding would come from JPMorgan Fleming, which manages $1.1 billion in core-plus fixed income for the fund and was placed on a comprehensive review list for personnel turnover. JPMorgan can rebid. Wilshire is assisting the $17.2 billion system. Proposals will be due Nov. 12; a decision is expected in March.
Connecticut Retirement Plans & Trust Funds, Hartford, plans to issue an RFP for a commingled real estate fund manager in the fourth quarter, said Susan Sweeney, chief investment officer. The $20 billion system's real estate consultant, Pension Consulting Alliance, will assist. Further details haven't been determined.
Allegheny County General Employees' Retirement System, Pittsburgh, plans to hire six emerging managers as part of the $660 million system's new Investment Manager Program for Alpha Creation Tactics, or IMPACT, said Chuck Gregor, senior consultant and principal with plan consultant Yanni Partners. About 5% of system assets will be allocated to the new program, with each manager running no more than $5 million. Mr. Gregor noted that "this is an open-ended process" and Yanni Partners doesn't necessarily want to find all of the managers right away. Interested firms should contact Yanni Partners. Cheryl A. Bateman, executive director of the pension fund, referred all questions to Yanni Partners.
Los Angeles County Employees Retirement Association, Pasadena, Calif., is expected to launch an RFP for an emerging markets manager early next year; the amount of the portfolio has not yet been determined. Funding would come from reducing a $700 million emerging markets growth equity portfolio run by Capital Guardian Trust to $400 million; officials at the $26 billion system are dissatisfied with its performance, according to a source who did not want to be quoted. Jennifer Grigas, Capital Guardian spokeswoman, said the firm does not comment on client matters.
Oregon Public Employees Retirement Fund, Salem, will search for a domestic enhanced index equity manager to run about $1.7 billion. The Oregon Investment Council, which oversees the $48 billion pension fund's investments, approved a change in the fund's domestic equity suballocations to 50% active, 25% passive and 25% enhanced index, from 43% active, 43% passive and 14% enhanced, said Ron Schmitz, chief investment officer. Strategic Investment Solutions is the consultant.
Oklahoma Tobacco Settlement Endowment Trust, Oklahoma City, is "actively exploring" the possibility of investing in market-neutral hedge funds, said Ken King, deputy state treasurer. The $189 million trust has not invested in any hedge funds; however, the state's prohibition on tobacco stocks could limit the trust investment board's options because many hedge funds could have minute exposure to tobacco stocks, Mr. King noted. If the asset class is approved, an RFP could be issued next spring. New England Pension Consultants is assisting.