Fort Lauderdale (Fla.) General Employees' Retirement System is searching for a core real estate manager to run $10 million, according to David Desmond, administrator. The board added the $293 million plan's first real estate investment to increase diversification and returns. Funding will come from trimming an $81 million active intermediate fixed-income portfolio run by Davis Hamilton Jackson & Associates. The RFP is available on consultant Dahab Associates' website at www.dahab.com. Proposals are due Dec. 13.
Pembroke Pines (Fla.) Fire and Police Retirement System is searching for managers to run a $5 million timber portfolio and a $5 million value-added real estate portfolio, confirmed Karen Warner, plan administrator. The $208 million pension plan is making the moves for greater diversification. Funding will come from a general rebalancing and cash; plan officials don't anticipate terminating any existing managers. The RFPs are available on consultant Dahab Associates' website, www.dahab.com, and proposals are due Dec. 16.
Ohio Public Employees Retirement System, Columbus, issued an RFP for at least one real estate consultant to help oversee its private real estate portfolio. The contract of current real estate consultant, Townsend Group, expires early next year; it can rebid. Candidates must have at least three years' experience with institutional investors. The $64.5 billion fund's real estate portfolio has about $2.9 billion committed to both individual properties and commingled funds, with about $780 million left to be committed over the next few years, according to the RFP, which is available at www.opers.org. Proposals are due Dec. 30. Separately, the fund is increasing its $1.6 billion commission recapture program and is considering issuing an RFI for a potential fourth commission recapture firm.
Oklahoma Public Employees Retirement System, Oklahoma City, is searching for a record keeper for the system's 457 and 401(a) plans, confirmed Tom Spencer, executive director. Incumbent Great-West Retirement Services may rebid; its contract is set to expire June 30, 2006, he said. Proposals are due Jan. 6. The RFP is available on the retirement system's website, www.opers.state.ok.us. The plans, which mirror each other, have a combined $355 million in assets. Strategic Investment Solutions, the system's consultant, is assisting.
Ohio School Employees Retirement System, Columbus, will issue an RFP early next month for an investment consultant, said Julie Graham-Price, a spokeswoman for the $9 billion fund. The contract of existing consultant Russell Investment Group is expiring.
Indiana State Teachers' Retirement Fund, Indianapolis, plans to issue an RFP before the end of December for a manager to run $60 million in active domestic large-cap value equities for the $4 billion defined benefit plan, said Robert D. Newland, deputy director and CIO. The search was prompted by the departure of three principals from Pacific Financial Research, which ran the portfolio. Old Mutual, which owns both companies, designated Barrow Hanley to assume the investment oversight of Pacific Financial. Barrow Hanley can bid, he added. Callan will assist.
California Public Employees' Retirement System, Sacramento, approved developing an RFP for domestic and international equity strategies that would be permitted to go short with up to 35% of each portfolio. The portfolios would be allowed to have a tracking error of 6% or less, and would have a beta close to 1.0. No timetable for issuing the RFP has been set by the $194.7 billion system.
Detroit General Retirement System will issue an RFP in the next three to four months for an active international small-cap value equity manager to handle $75 million to $100 million, said Adrian Anderson, a consultant at Northpoint Advisors, general consultant to the $3.4 billion fund. Funding will come from proceeds of a pension obligation bond the city of Detroit issued early last year.
Oklahoma Public Employees Retirement System, Oklahoma City, probably will issue an RFP for transition management services in the next six months, according to Tom Spencer, executive director. Mr. Spencer said he doesn't anticipate any transitions in the near future, but noted it's ``better to be prepared.'' The $5.6 billion pension fund used transition managers on a one-time basis in the past. Mr. Spencer said fund officials would like to have two or three managers ready if needed for a potential transition. Strategic Investment Solutions is consultant.
Orange County Employees Retirement System, Santa Ana, Calif., will issue an RFP for a real estate consultant, said Keith Bozarth, chief executive officer. The contract of incumbent Townsend Group expires this fall. A timetable for the search will be set later; system officials are preparing to ask its investment committee whether to conduct a separate search for a general consultant, and if that RFP is approved, both searches will be done simultaneously.