Pennsylvania Municipal Retirement System, Harrisburg, is searching for an active domestic large-cap value equity manager to run about $50 million and an active domestic small-cap growth equity manager to run about $30 million for the $1.2 billion pension fund, said James Allen, secretary of the municipal retirement board. The large-cap manager will replace Boston Co. Asset Management, which plan officials terminated from a $100 million active domestic large-cap value portfolio for performance. The balance of that portfolio went to LSV Asset Management, the fund's other large-cap value manager. The fund put $40 million of the money for the new portfolio in S&P 500 and Lehman Aggregate index funds managed by State Street Global Advisors, and the balance with active international large-cap growth manager Mercator Asset Management. Ron Gruendl, spokesman for Boston Co.'s parent, Mellon Financial, declined to comment. Funding for the small-cap growth portfolio will come from splitting the portfolio of existing active domestic small-cap growth manager Emerald Asset Management in half. The RFPs are available on consultant Dahab Associates' website at www.dahab.com. The deadline for proposals on the large-cap RFP is May 16, and the deadline for the small-cap RFP is May 20.
Ohio Police & Fire Pension Fund, Columbus, is searching for a core real estate manager to handle about $150 million, said David Graham, spokesman. The $9.6 billion plan is adding the portfolio, which will be benchmarked to the NCREIF Property index, to help fill its $771 million target allocation to real estate; its current allocation is about $437 million. The RFP is available at www.op-f.org/rfps, and proposals are due May 23. Real estate consultant the Townsend Group is assisting.
California Public Employees' Retirement System, Sacramento, approved issuing an RFP for an undetermined number of environmentally friendly public equity managers to run up to $500 million in combined assets. The board of the $182.8 billion system will allow emerging managers with experience in the field to apply as long as they have had institutional clients. Staff members had wanted managers that already run at least $100 million in the category. CalPERS expects to issue the RFP on May 13. It should be posted on the fund's website: http://www.calpers.ca.gov/index.jsp?bc=/investments/bus-opportunities/home.xml.
Iowa Public Employees' Retirement System, Des Moines, issued an RFP for a general investment consultant for its $18.4 billion fund. Incumbent Wilshire Associates can rebid. The RFP is posted at www.ipers.org. Proposals are due June 1, and fund officials hope to make a selection in September.
New York City Retirement Systems will issue RFPs through next year for general consultants for each of the five pension funds comprising the $87 billion systems, said Deborah Gallegos, chief investment officer. RFPs would be issued as the existing consultants' contracts expire, Ms. Gallegos said, but she did not yet know exactly when the RFPs would be issued. The $41 billion New York City Employees' Retirement System uses Callan Associates as general consultant; the $23 billion Teachers' Retirement System uses Rocaton Investment Advisors; the $15.7 billion Police Pension Fund uses Strategic Investment Solutions; the $5.3 billion Fire Department Pension Fund uses Evaluation Associates; and the $1.8 billion Board of Education Retirement System uses Buck Consultants.
Lynn (Mass.) Contributory Retirement Board will review its asset allocation and investment managers at its May 3 board meeting, possibly leading to in changes in the pension fund's manager lineup, said Gary Brenner, executive director. The $165 million fund has 48% of assets in domestic equities, 35% in fixed income, 9% in international equities, 5% in real estate and 3% in cash, he said. Segal Advisors will assist.
Pennsylvania State Employees' Retirement System, Harrisburg, authorized staff to review the fund's European regional equity investments, potentially leading to manager changes, according to Robert Gentzel, spokesman. The $26.8 billion fund has three European equity portfolios: a $582.6 million portfolio managed by Marathon Europe; $366.5 million managed by Scottish Widows Investment Partnership and a $151 million index fund managed by State Street Global Advisors.
Utah State University, Logan, is contemplating an initial move into real estate for its $43 million endowment, said Clint Moffitt, assistant vice president for finance. Endowment officials have discussed the possibility of investing about $3 million in real estate investment trusts, but Mr. Moffitt said the amount is not final and other real estate strategies could be considered. The investment committee will discuss the matter at a meeting in mid-May, and if it approves a real estate investment, the fund could search for a manager in late summer or fall. Funding would likely come from trimming bond investments; no manager would be terminated, Mr. Moffitt said. Smith Barney is assisting.
