Norfolk County Contributory Retirement System, Canton, Mass., issued an RFP for a manager to run between $14 million and $15 million in active emerging markets equities, according to an official at plan consultant Wainwright Investment Counsel, who asked not to be identified. He said there have been performance issues with the current manager, which he would not identify. The search is exploratory; officials of the $440 million plan may rehire the existing manager. Separately, the pension fund issued an RFI for private equity firms and an RFP for real estate managers to build a universe of potential managers, the consultant said. The RFPs and RFI are available on Wainwright's website at www.winvcounsel.com. Proposals are due June 15; further information wasn't available. Retirement system officials did not return calls by press time.
Oakland (Calif.) Municipal Employees' Retirement System will issue an RFI in early June for a consultant to the $10 million pension fund, said Teir Jenkins, revenue system accountant. The system does not have a consultant. Responses will be due Aug. 1; further information was not available.
Boston City Retirement System is searching for an actuarial consultant. The $3.5 billion system is required by law to conduct a search every five years, and current actuarial consultant The Segal Co. can rebid. The RFP is available from John Natoli, general counsel to the fund, at [email protected] Deadline for proposals is June 3. System officials hope to pick an firm by the end of June, Mr. Natoli said.
California State Teachers' Retirement System, Sacramento, is seeking to boost its allocation to U.S. enhanced index equity managers by $2.3 billion and plans to issue an RFP for additional managers, according to a staff memo to the board. The $123.5 billion CalSTRS is working to meet a previously approved plan to reduce passive management of its U.S. equities portfolio to 70% from 80%. The proposed policy mix would actually allocate 15% of U.S. equities each to enhanced and active U.S. stock managers, which would require shifting another $2 billion from active to enhanced managers. But those targets are "theoretical," said Sherry Reser, CalSTRS spokeswoman. Pension Consulting Alliance is the consultant. The CalSTRS board will review the proposal on June 1.
Teachers' Retirement System of Illinois, Springfield, authorized a search for one or two managers to run a total of $670 million in active international growth equities. Trustees on May 20 approved changing the $33.1 billion plan's international equity structure to active from passive management. State Street Global Advisors currently manages the assets in an optimized EAFE index fund, which will be closed, said John Day, a TRS spokesman. Interested parties should contact the Chicago office of Callan Associates, which is handling the search, said Mr. Day. No additional details were available.Trustees also adopted an implementation plan for fiscal 2006 for investing $600 million in private equity. The estimated allocation will be $225 million to venture capital, $300 million to buyout funds, $50 million to special situation funds and $25 million to subordinated debt managers. Callan will assist the fund's staff in searching for managers throughout 2006.
Orange County Employees Retirement System, Santa Ana, Calif., plans to search for an emerging markets manager to run $93 million, said Keith Bozarth, chief executive officer. Fund officials plan to issue an RFP later this year. The new manager will replace Capital Guardian, which was terminated for performance, he said. A timetable for the search has not been set. Kelly Malarky, spokeswoman for CapGuardian, said the firm does not comment on client matters.
California Public Employees' Retirement System, Sacramento, plans to issue an RFP for active emerging markets equity managers by the end of the year, said Christianna Wood, senior investment officer. The $182.9 billion system probably will seek to create a "spring-fed pool" from which it would select managers. Currently, CalPERS has more than $3 billion invested in active emerging markets equities.
Teachers' Retirement System of Illinois, Springfield, approved a staff recommendation for a $500 million emerging managers program that will be internally administered. Qualified managers can complete a questionnaire that will be available on the $33.1 billion plan's website, http://trs.illinois.gov on July 1.
Montana Board of Investments, Helena, will search for its first general consultant and expects to issue an RFP this summer, said Carroll South, executive director of the $6.2 billion fund. Board members have grown increasingly concerned they don't have all the investment options available to them without input from a consultant, he said.