Amesbury (Mass.) Contributory Retirement System is searching for an active domestic small-cap growth equity manager to run $1.5 million to $2 million, said Sheryl Trezise, plan administrator. The $29 million pension fund will likely replace Bank of New York's BNY Hamilton small-cap growth fund, which has been on watch "for a while" because of underperformance, she said. Kevin Heine, Bank of New York spokesman, did not return a call seeking comment by press time. The RFP is available by e-mailing consultant Segal Advisors at [email protected] Proposals are due at 11 a.m. EDT July 22, and the retirement board will accept extended small-cap growth and small-to-midcap growth proposals, according to the RFP. Ms. Trezise said plan officials could select finalists in August, and interviews wouldn't be conducted before September. The goal is to have a manager in place by the end of the year, she said.
Alabama State Treasury fund, Montgomery, issued an RFP for a custodian to oversee the assets of two bond managers, which will be chosen next month; both managers will run U.S. Treasury portfolios in amounts yet to be determined, said Anthony Leigh, deputy state treasurer and investment officer for the $2.5 billion operating fund. The custodian will also launch a securities lending portfolio. The fund's investments are restricted to Treasuries and bank certificates of deposit. It currently has less than 5% of assets invested in Treasuries but can invest up to 20%, Mr. Leigh said. The RFP is available at www.treasury.alabama.gov. Proposals are due July 25, and a selection is expected in September, said Mr. Leigh.
Holyoke (Mass.) Contributory Retirement System is searching for an active domestic small-cap core equity manager to run $10.8 million, said Daniel R. Owens, executive director. The board of the $160 million plan recently terminated Dreyfus Trust from the mandate for organizational reasons, he said. The money is currently parked in a Russell 2000 index fund managed by State Street Global Advisors. The RFP is available by e-mailing Brian Keenan at [email protected] Proposals are due at 11 a.m. EDT July 29. Mr. Owens said there is no timetable for final presentations, but plan officials would like to have a new manager in place by early fall. Consultant Segal Advisors is assisting.
Memphis (Tenn.) City Retirement System will likely decide in the next 30 to 60 days whether to search for an active domestic large-cap equity manager to replace Transamerica Investment Management, said Charles Williamson, city finance director. The manager, which runs roughly $125 million for the $2 billion plan, has been under review for organizational reasons since earlier this year, he said. The review was prompted by the investment team leaving Transamerica, according to Mr. Williamson. Four equity portfolio managers moved to Delaware Investments from Transamerica earlier this year. Plan officials are discussing the matter with consultant Wilshire Associates and will likely decide by late August, Mr. Williamson said.
North Dakota Public Employees Retirement System, Bismarck, is conducting an asset-liability study that will likely be finished in the fall, said Sparb Collins, executive director. The study could result in changes to the $1.5 billion pension fund's asset allocation and possible manager searches, he said. Consultant SEI Investments is assisting plan officials with the study, which follows a recent actuarial audit by Gabriel Roeder Smith. "Everything checked out OK" with the audit, Mr. Collins said. Segal Co., the system's actuary, is performing an "experience study" that examines participants' projected retirement ages, years of experience and other demographics in relation to the pension fund's assets.
Ohio Public Employees Deferred Compensation Fund, Columbus, will issue an RFP in mid-July for an education provider, said Keith Overly, executive director. The contract of current education provider Nationwide Retirement Solutions is set to expire this year; Nationwide can rebid. "This is not a reflection of Nationwide's service. This is simply part of the due diligence process," said Mr. Overly, who added the $5.6 billion plan's policy requires an RFP be issued when a contract expires. Proposals are due Oct. 20; a selection should be made in November, Mr. Overly said.
Flying J Inc., Ogden, Utah, might consider adding small-cap investment options to the company's $30 million 401(k) plan, said Jerry Beckman, director-human resources. Plan officials will likely talk in August or September about adding small-cap growth and value equity options; further information was not available. The plan now offers the Scudder Small Company Stock fund as its sole small-cap investment option. ADP Retirement Services is administrator and record keeper for the plan, which offers nine investment options. The plan does not use an outside investment consultant.