Taunton (Mass.) Contributory Retirement System reissued RFPs for core/income-producing and value-added real estate managers, after the June hiring of ING Clarion Lion Properties Fund fell through. The search is part of $134 million system's effort to boost its real estate allocation to 8% from 6%. Segal Advisors is assisting. RFPs are available from Carol Tam of Segal Advisors at [email protected]; proposals are due Jan. 13. Paul Slivinski, executive director of the system, did not return a call for comment.
Seattle City Employees Retirement System is searching for a manager to run up to $60 million in active domestic midcap equities, said Norm Ruggles, executive director. The search is part of the $1.6 billion system's "normal contract review process," and its current contract with Wall Street Associates is expiring, he said. Further information is available from the system, which is handing the search internally. Proposals are due Jan. 18.
Haverhill (Mass.) Retirement System is searching for a manager to run $9 million in active domestic large-cap growth equities, benchmarked to the Russell 1000, said Bart Earley, senior investment analyst with consultant Wainwright Investment Counsel. The RFP is available on Wainwright's website, www.winvcounsel.com. Proposals are due Jan. 20. Kathleen Gallant, the $145 million plan's administrator, referred all questions to the consultant.
Los Angeles Fire & Police Pension Plan is searching for a separate account manager to run Treasury inflation-protected securities for the $12.3 billion plan, said Tom Lopez, chief investment officer. The size of the portfolio hasn't been determined. Consultant Pension Consulting Alliance is assisting.
Maryland State Retirement and Pension System, Baltimore, could add at least four new managers next year as a result of a recent asset allocation study. The $31.2 billion system's in-house staff will begin searching next year, said Steven C. Huber, chief investment officer. "We'll consider existing managers, but I think we'll open it up," he said. Fund officials are considering searching for managers to run $3.12 billion in global equities; $1.3 billion in enhanced indexed equities; $300 million in active microcap/small-cap international equities; and $600 million in inflation-indexed bonds. The new asset allocation keeps the total equity allocation constant at 65% and fixed income at 30%. The remaining 5% real estate allocation remains unchanged. Funding for the global equity exposure will come from the domestic and international equity portfolios, and funding for the microcap/small-cap allocation will come from international equities. Funding from the enhanced indexing will come from domestic equities, while funding for the inflation-indexed bonds will come from the fixed-income portfolio. Ennis Knupp assisted with the review.
Ohio Police & Fire Pension Fund, Columbus, plans to issue RFPs next month for an active domestic small-cap to midcap core equity manager to run $272 million; an active domestic midcap core equity manager to handle $300 million; two active global equity managers to run $400 million to $500 million each, benchmarked against the MSCI All Country World index; and a derivatives-based enhanced index manager to run $180 million to $200 million. Officials at the $9 billion fund have not established a timeframe for completing the searches. Wilshire Associates will assist.
Teachers' Retirement System of Illinois, Springfield, will begin searching in February for up to three managers to run a total of $2 billion in domestic enhanced index equity assets. The move is part of a change in the $32.7 billion system's investment policy away from pure passive management, said Jon Bauman, executive director. Mr. Bauman said the allocation will be split roughly 50-50 between stocks and stock-based derivatives. The system is also searching for a manager to handle $400 million in global Treasury inflation-protected securities. Callan Associates is assisting.
Ohio Public Employees Retirement System, Columbus, approved a $20 million to $50 million allocation to hedge funds of funds, its first such allocation. Spokesman Richard Baker said officials at the $60 billion plan will issue RFIs in January. "The general estimate right now is that we'll hire two to three (fund-of-funds managers)," Mr. Baker said. Ennis, Knupp will assist.
New York State Insurance Fund, New York, will search for additional managers to handle a new equity allocation carved out of its $1.4 billion cash surplus, according to a source close to the fund. The source said the new equity percentage is 50% of the fund's cash reserve, and the fund will search for additional money managers to handle the increase, probably in the first or second quarter. Gifford Fong Associates is assisting. Anne Formel, spokeswoman for the $7 billion non-profit state workers compensation insurance carrier, could not confirm that there will be searches and declined to say what percentage of the cash reserve will be allocated to equity.