Pennsylvania Municipal Retirement System, Harrisburg, is searching for a manager to run a $50 million real estate mandate, said James Allen, secretary of the municipal retirement board. He said the $1.3 billion system is invested in a CIGNA closed-end commingled fund, which is winding down. Plan officials are seeking proposals from open- or closed-end diversified funds, according to the RFP, which will be available on consultant Dahab Associates' website, www.dahab.com. Proposals are due Jan. 4.
Taunton (Mass.) Contributory Retirement System on Dec. 15 will decide what kind of a real estate manager to hire, said Paul J. Slivinski, executive director. The $134 million system had increased its real estate allocation to 8% of assets and voted in July to commit $2 million to ING Clarion Lion Properties Fund to meet the allocation, but it rescinded that vote when its legal counsel advised the system board that ING did not comply with the co-fiduciary requirements of the state Public Employee Retirement Administration Commission, Mr. Slivinski said. The system has about 6% of assets allocated to real estate.
Milwaukee City Employes' Retirement System will search for an active domestic midcap core equity manager for its $4.3 billion fund. Funding will come from terminating Brown Capital, which runs $165 million in active domestic midcap GARP equities, said Jennifer A. Shannon, chief investment officer. The committee recommended restructuring the midcap allocation to core, she said. The portfolio size and other details about the search may be decided at the board's meeting on Dec. 20. Mercer is assisting.
Alaska State Pension Investment Board, Juneau, will search for corporate governance and active international equity managers, said Gary Bader, chief investment officer. Callan Associates will handle both searches. The $12.3 billion board plans to allocate $300 million to a "proactive governance" manager, which will see value within companies and pursue strategies to release them. It's the first time that the fund will invest in that style. A selection is slated for February. The fund also will seek a manager to take over a $356 million active international equity portfolio run by Bank of Ireland Asset Management, which was terminated for performance, Mr. Bader said. Bank of Ireland officials were unavailable for comment.
City of Anaheim (Calif.) Deferred Compensation Plan plans to issue an RFP in January for a bundled provider, according to Cathy Woodward, treasury analyst for the city. ICMA Retirement, bundled provider for the $122 million 457 plan, will be allowed to rebid. The committee overseeing the plan solicits bids "every five years or so to make sure we have the best services." A timeframe for accepting proposals and making a selection has not been established. The plan hired Arnerich Massena on a per-project basis to create the RFP. It does not have a consultant. The plan offers 32 investment choices and is part of the $371 million California Public Employees' Retirement System 457 Public Agency Deferred Compensation Program.
Wyoming Retirement System, Cheyenne, will search for an absolute-return manager to further diversify the $5 billion pension fund's investments, said Thomas Mann, director. The portfolio will probably be $40 million to $50 million, he said, and the board hopes to issue an RFP before the end of the year; it has not established a timeframe for choosing finalists or making a selection. It will be the fund's first absolute-return allocation. The board is acting on a recommendation from its investment committee to add an asset class that could diversify some of the volatility in the portfolio. Funding will come from a rebalancing of other assets; no managers will be terminated. Mellon's Human Resources & Investor Solutions is assisting.
Los Angeles Water & Power Employees' Retirement Plan intends to issue RFPs for real estate and alternatives managers in the first quarter, said Robert Rozanski, acting retirement plan manager. Officials at the $5.9 billion fund implemented new 4% real estate and 5% alternatives allocations following a recent asset allocation study. They have not determined how many managers will be hired or when the RFP will be issued.
Ohio Public Employees Retirement System, Columbus, is searching for buyout funds, venture capital managers and special-situation managers to fill out its 4% private equity target. Greg Uebele, director of private equity investments, said the $60 billion fund, which now has only about one-half of 1% of total plan assets allocated to private equity, seeks to meet the target by 2009. Private equity consultant Pacific Corporate Group will conduct the search; it will not issue RFPs, and manager inquiries should be directed to PCG, said Mr. Uebele. He added there is no deadline for manager inquiries. "It will be a slow process," he said.