Ohio Highway Patrol Retirement System, Columbus, issued RFPs for managers to run international equity, active domestic core fixed income, a hedge fund of funds and a private equity fund of funds.
The international equity manager would handle $45 million that had been run by Bank of Ireland Asset Management, which was terminated in October for performance, said Richard Curtis, the $700 million system's executive director. The money has been parked in an S&P 500 index fund run by State Street Global Advisors. The fixed-income manager would handle $50 million, which would be taken from a $118 million core bond portfolio run by Munder Capital Management, currently the system's only fixed-income manager. Mr. Curtis said system officials wanted to hire an additional fixed-income manager.
The hedge and private equity fund-of-funds managers would each handle $35 million; both are the system's first allocations to the asset classes. Funding will come from reductions in the system's domestic equity, core-plus fixed-income and real estate portfolios. No managers will be terminated as a result.
The RFPs can be found at the system's website, www.ohprs.org. Proposals for the domestic bond and international equity assignments are due March 15; proposals for the funds of funds managers are due March 31. Mr. Curtis said all managers should be hired by the end of May or early June.
Ken Brunke in the Chicago office of Callan Associates is consultant.
