Nashville (Tenn.) Metropolitan Board of Public Education Teacher Retirement Plan is searching for two active domestic large-cap equity managers to run $17 million each, one in growth and one in value, and an active emerging markets equities manager to run $4 million, said Tom Eddlemon, assistant metropolitan government treasurer. The portfolios would be new, and emerging markets would be a new asset class for the $92 million pension plan. Cohen Klingenstein & Marks currently manages a $7.5 million active domestic large-cap growth portfolio for the fund, its only large-cap investment, Mr. Eddlemon said. Plan officials are seeking more large-cap investments and greater diversification.
Funding for each manager will come from a general rebalancing, Mr. Eddlemon said, noting no managers would be terminated.
The RFPs are available on the website of plan consultant Dahab Associates at www.dahab.com. Proposals for all three searches are due Aug. 15. Large-cap presentations will be Sept. 7; final presentations will not be required for the emerging markets search. Mr. Eddlemon said plan officials could select managers for the large-cap mandates after the presentations but could not provide a timetable for selecting an emerging markets manager. Barry Bryant, consultant with Dahab, referred questions to plan officials.