Washington State Investment Board, Olympia, issued RFPs for domestic enhanced index equity and fundamental metrics index managers, said Liz Mendizabal, spokeswoman. The board seeks a long-only, risk-controlled strategy for the enhanced assignment. The fundamental metrics index is a new strategy based on company fundamentals such as total income, total sales and book equity value, which will be applied primarily to U.S. equity markets and possibly some international markets, she said. Officials of the investment board, which oversees $61.3 billion in state pension assets, have not set the portfolio sizes or source of funding, she said. RFPs are available on the investment board's website at www.sib.wa.gov. Proposals are due July 15. Officials plan to conduct interviews in early fall and selections could be made later in autumn. Callan Associates is assisting. Board officials also plan to issue RFPs for two investment options for the state's $1.9 billion Deferred Compensation Program and $14 million Judicial Retirement Account defined contribution plan. They plan to replace the Fidelity Equity Income fund and the Fidelity Independent fund. RFPs are expected to be available by June 27 on the investment board's website. Proposals will be due July 22, and interviews are expected to be conducted in early fall.
Hampden County Regional Retirement System, Springfield, Mass., issued an RFP for a manager to run an $18 million active domestic small-cap core equity portfolio, although the board will also accept proposals for extended small-cap/smid-cap core portfolios, said Carol Tam, an analyst with the pension fund's consultant, Segal Advisors. Funding will come from terminating Dreyfus, effective June 30, for performance of a similar portfolio and for organizational issues, said Julianna Bartley, executive director of the $184 million pension fund. Officials at Dreyfus could not be reached by press time for comment. The RFP is available by e-mailing Brian Keenan at [email protected]; proposals are due by 3 p.m. EDT July 12.
Missouri State Public Employees' Deferred Compensation Commission, Jefferson City, issued RFPs for a third-party administrator, a fixed-income annuity fund manager and a stable-value investment fund manager for its 457 and two 401(a) plans, which have combined assets of $1.1 billion, said Allen Scott, employee benefits manager. The contract of PEBSCO, the current third-party administrator and fixed-income annuity fund manager, expires at the end of the year. PEBSCO is invited to rebid, he said. Mr. Scott said the plans, which mirror each other, currently offer two fixed-income investment options, the Prudential Guaranteed Interest and Nationwide Fixed Annuity funds. The commission will replace one of those funds with a stable-value fund to improve the structure of the plans, he said. The RFPs are available on the state Division of Purchasing and Materials Management's website at www.moolb.mo.gov. Proposals for the third-party administrator and fixed-income annuity search are due at 2 p.m. CDT July 20. Proposals for the stable-value investment fund search are due at 2 p.m. CDT July 12. Mr. Scott could not provide a timetable for final presentations or selections. Each of the plans offers 33 investment options. Mercer Human Resource Consulting is assisting.
Ohio Public Employees Retirement System, Columbus, issued RFIs for two active emerging markets equity managers to handle a total of $100 million to $300 million, and for two international equity managers to run a total of $300 million to $600 million. System officials want to diversify the fund's $3 billion international equity portfolio, said Michelle Kowalik, spokeswoman. The $64.5 billion fund has one international growth equity manager, AllianceBernstein, and system officials wanted to add a value manager for diversification. The fund has three emerging markets equity managers: AllianceBernstein, Boston Co. Asset Management and Bank of Ireland Asset Management. Ms. Kowalik did not immediately know how much in assets each manager handles. Two emerging markets managers have closed their strategies to additional investments, but Ms. Kowalik could not supply the name of the firms. "We believe capacity concerns will continue with respect to emerging markets, so we decided to search for an additional manager," said Ms. Kowalik. Funding for the new portfolios would come from redistributing assets in the international equity portfolio. No managers will be terminated, she added. The RFIs are available on the plan's website, at www.opers.org/aboutOPERS/RFPs/index.shtml. Proposals are due July 15, and fund officials plan to make selections in September or October, Ms. Kowalik said.
California Public Employees' Retirement System, Sacramento, plans to seek emerging managers of long-only publicly traded equity and hedge funds of funds for a second manager development program. The managers must have less than $2 billion in assets under management. CalPERS plans to allocate an initial $50 million to $100 million to each emerging manager in the program; the allocations will be on an opportunistic basis and will come from global equity. Unlike its existing manager development program, CalPERS would not necessarily take an equity stake in the firm. The $186 billion system hired Strategic Investment Management, Progress/Colchester, Rock Creek Group, Bear Stearns Asset Management and Legato Capital Management to advise the program. Wilshire assisted. Through the manager development program, CalPERS seeks to identify and develop emerging money management firms to enhance its risk-adjusted performance. Also, CalPERS seeks to expand the marketplace by working with emerging managers that might not otherwise obtain assets.