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.
Mr. Curtis said the managers should be hired by the end of May or early June. Ken Brunke in the Chicago office of Callan Associates is consultant.