Essex Regional Retirement Board, Danvers, Mass., is searching for a manager to run $25 million in active domestic core-plus fixed income, said Kevin Leonard, the Segal Advisors consultant who is assisting the $213 million plan. Board officials want to replace the current core-plus manager, which runs $35 million, because of organizational changes at the firm. Mr. Leonard declined to name the current manager. The remaining $10 million would be distributed to the fund's other managers, Mr. Leonard said. Interested firms can e-mail [email protected] to obtain the RFP. Proposals are due Nov. 22. Timothy A. Bassett, board executive director and chairman, did not return a call seeking comment by press time.
Natick (Mass.) Contributory Retirement System is searching for an core-plus fixed income manager to run $18 million, said Kathleen Bacon, director. Officials at the $63.1 million pension want to replace the portfolio's current manager because of organizational changes, she said. Ms. Bacon and Kevin Leonard of consultant Segal Advisors would not identify. Interested firms can e-mail [email protected] to obtain the RFP. Proposals are due Nov. 22.
Kentucky Deferred Compensation System, Frankfort, is searching for firms to perform record keeping, investment consulting, marketing and communications services for its 401(k) and 457 plans, which have a combined $1 billion in assets, said Robert Brown, executive director. The contract of Nationwide Retirement Solutions, which currently handles those duties, expires June 30; the firm can rebid. RFPs are available by written request, and questions will be answered through Nov. 8, he said. Proposals are due Dec. 6. System officials will make selections at a February meeting. The two plans, which mirror each other, offer 32 investment options each.
CalPERS will issue RFPs to create a "spring-fed pool" of enhanced international index and active international equity managers, to be funded at the discretion of staff at the $170 billion pension fund. Most of the funding will come from the California Public Employees' Retirement System's $23.8 billion in international indexed assets run by State Street Global Advisors. The Sacramento-based fund will only consider managers that use stock-based strategies. RFPs will be issued later this month, said Brad Pacheco, CalPERS spokesman.
Tennessee Consolidated Retirement System, Nashville, plans to issue an RFP for an investment consultant before the end of the year, said Tom Milne, chief investment officer. Officials at the $25.7 billion system were awaiting results of an SEC investigation of consultants' relationships with investment advisers, but Mr. Milne noted he "has not heard much" about the probe recently. The contract of current consultant Callan expires in the first quarter of 2005; the firm can rebid. Mr. Milne said the system might issue an RFP and wait to make a selection until findings of the SEC's investigation are available. Callan acknowledged earlier this year that it received an SEC inquiry into its consulting practices. Lori Richards, director of the SEC office of compliance inspections and examinations, did not return a call by press time regarding the investigation.
San Antonio Fire & Police Pension Fund plans to search for an emerging markets equity manager to handle $60 million, said Warren Schott, executive director. The portfolio's previous manager, Capital Guardian Trust, was terminated for performance. All questions about the search should go to Consulting Services Group, the $1.46 billion plan's investment consultant, he added. CapGuardian spokesman Chuck Freadhoff declined comment.
New Orleans City Employees Retirement System is searching for a hedge fund-of-funds manager, said Jerry Davis, chairman of the $365 million plan. After meeting with several hedge fund firms, including the Quellos Group, Mr. Davis said he is still seeking information from fund-of-funds managers, and he isn't sure if the pension system will hire one or more managers. The allocation has not yet been determined. Morgan Stanley is consultant.
Los Angeles City Employees' Retirement System plans to issue an RFI for a manager to run $525 million in a Russell 1000 value index fund. The contract of current manager Barclays Global Investors expires in December, and it is board policy to test the market, according to Daniel Gallagher, chief investment officer. BGI also manages a $788 million S&P 500 index fund for the $7.9 billion system. Fund officials are working with the fund's consultant, Pension Consulting Alliance, to identify managers that can handle an index investment of that size. System officials have not decided when the RFI will be issued.
