California Public Employees' Retirement System, Sacramento, plans to issue an RFP on April 29 for environmentally friendly public equity managers to run up to $500 million in combined assets. Staff of the $183.6 billion system recommends the system's board create "spring-fed pools" of both domestic equity and developed-markets managers. Finalists would go before the board in October, according to a staff memo. The recommendation will be considered by the CalPERS board April 18.
Vermont's three state pension funds — the $1.34 billion State Teacher Retirement System, the $1.09 billion State Employees' Retirement System and the $240 million Municipal Employees Retirement System, all based in Montpelier — issued a joint RFP for an actuary to provide yearly valuation reports. The incumbent is Mellon Financial Corp., which can rebid. Sealed proposals are due by 2 p.m. EDT April 18. Questions can be addressed to Donna Holden, contracts administrator, at (802) 828-3708, by fax at (802) 828-2772, or by e-mail at [email protected] Separately, the employees' system issued an RFP for an auditing firm for its $184.2 million 457 plan. Proposals are due by 2 p.m. EDT May 2. Questions about this RFP may also be addressed to Ms. Holden. Separately, the State Teachers' and State Employees' retirement systems issued a joint RFI for active domestic large-cap equity and/or global equity investment managers that adhere to environmentally sound policies and business practices. State Treasurer Jeb Spaulding, a trustee of both systems, said after reviewing the RFIs, the boards of both systems will ask selected firms to submit proposals to run around $10 million for each plan. New England Pension Consultants is assisting. RFIs are due by May 6 and can be e-mailed to [email protected] The full RFI is available at www.nepc.com.
California State Teachers' Retirement System, Sacramento, will search for up to six active emerging markets equity managers to run up to $3 billion in assets, said Sherry Reser, spokeswoman for the $126.9 billion pension fund. The RFP will be issued around April 20, and it will be at least six months before managers are hired. Separately, the board approved a broad plan to expand the pension fund's currency overlay program, which could eventually lead to hiring one or more external currency overlay managers. Further details will be provided at CalSTRS' July meeting.
Iowa Public Employees' Retirement System, Des Moines, will issue an RFP this month for a general investment consultant for its $18.5 billion fund, according to a spokeswoman for the investment board. The RFP will be available on the system's website, www.ipers.org. The system placed incumbent Wilshire Associates on watch in February 2004.
Public Employees Retirement Association of New Mexico, Santa Fe, is requesting consultant Callan Associates conduct an asset allocation study because of a new state law allowing the $10.1 billion system to invest in alternative investments, including real estate, private equity, hedge funds and derivatives, said Bob Gish, director of investments. Mr. Gish said it would take at least six to nine months before any major changes in investment are made. PERA also is searching for an active manager to handle a currency overlay program for the system's $2 billion in non-U.S. assets, said Mr. Gish. This is a new allocation. Interested parties can get a copy of the currency manager RFP by faxing Mr. Gish at 505-827-6421. The fax should include a contact person, telephone number, fax number and e-mail address. Responses are due by June 3. Separately, system officials expect to launch searches on Sept. 30 for an active domestic large-cap value equity manager to run $800 million and on Dec. 31 for a general consultant.
University of California, Oakland, plans to overhaul the investment structure and options for its $9.4 billion in defined contribution assets. The revamp stems from last year's selection of Fidelity Investments Institutional Operations as a master record keeper for the plans. Participants will be able to manage their investments on a single platform, and online financial planning and asset allocation tools may be offered, according to a memo to the University of California Regents. Under a proposal adopted March 17, Treasurer Dave Russ will develop asset classes and core funds after consulting with a new advisory committee and university groups. Sue Morris, university spokeswoman, declined to provide additional details.
New York City Retirement Systems will issue an RFP in about six months for active EAFE managers. The contracts of seven of the $88 billion system's EAFE managers expire in 2007, but NYCRS officials want to be ready. "We haven't done an EAFE search in five years, so we want to see what products are out there," said Deborah Gallegos, chief investment officer.