Fonds des Reserve pour les Retraites, Paris, during the next 18 months will make its first investments in emerging markets, invest up to 10% of assets in alternatives, increase its allocation to North American and Asian equities, and cut its exposure to bonds as part of a new strategic asset allocation. The €27.7 billion ($35.67 billion) pension reserve fund could put €816 million to €830 million in emerging markets. Fund officials will undertake a manager search in the next few months, after finalizing a new risk budget. The alternatives exposure will include real estate, commodity indexes, public infrastructure and private equity. The plan's North American equities will be raised two to three percentage points, to about 23% of the equity portfolio, while the Asian equities allocation will be raised four to five percentage points to about 10% of the equity portfolio, said Christophe Aubin, head of investment strategy and risk budgeting. It will cut its eurozone bond holdings by 16 percentage points to 21% of total assets and raise its exposure to bonds outside the eurozone by two percentage points to 9% of assets. No details were available on any money manager searches. The new target asset allocation should be fully implemented by early 2008.
Seattle City Employees Retirement System is searching for up to three managers to run up to $100 million combined in active international equities. Officials at the $1.9 billion system expect the managers will handle from $35 million to $50 million each, according to the RFP. Funding will come from reducing a $120 million MSCI EAFE index portfolio run by Barclays Global Investors, said Mel Robertson, chief investment officer. Fund officials are making the change because they hope to get better returns from active management, Mr. Robertson said. The RFP is available at the system's website, www.ci.seattle.wa.us/retirement/rfp.htm. Proposals are due June 15. The system also is looking for an actuarial consultant; its contract with Buck Consultants expires June 30. The firm can rebid. The RFP can be found on the firm's website. Proposals are due June 8.
Calvert County Retirement System, Prince Frederick, Md., is searching for an active domestic large-cap growth equity manager to run a total of $8 million for the $33 million Calvert County Employees' Retirement Plan and the $28 million Deputy Sheriffs & Correctional Officers Retirement Plan, divisions of the $70 million Calvert County system, confirmed Terry Shannon, director of finance and budget for the system. Fund officials are considering an active or passive strategy that would be benchmarked to the Russell 1000 Growth index. Cohen, Klingenstein & Marks, which runs $8 million in large-cap equities, has been on watch for 15 months, Ms. Shannon said. The firm was invited to rebid but notified that it must improve its performance to be competitive, she said. The RFP is available on plan consultant Wainwright Investment Counsel's website at www.winvcounsel.com/rfp.html. Proposals are due by 5 p.m. EDT June 17.
County of Delaware, Delhi, N.Y., issued an RFP for a record keeper for its $6 million 457 plan, said Linda Pinner, personnel associate. The plan is required to search for a record keeper every five years, she said. Nationwide Retirement Services, the current record keeper, can rebid. The RFP is available by calling the county's personnel office at (607) 746-2318. Proposals are due June 23.
Maryland State Retirement and Pension System, Baltimore, is searching for a manager of managers to help develop and run an emerging manager program, confirmed spokeswoman Anne Budowski. The program could receive as much as 1% of the $34.5 billion pension plan's total assets, Ms. Budowski said. The RFP is available by contacting Victoria Willard, the plan's procurement officer, via e-mail at [email protected] Proposals are due by 4 p.m. EDT June 28.
Indiana Public Employees' Retirement Fund, Indianapolis, is searching for companies to provide investment transition management services. The $15.1 billion defined benefit fund hopes to create a pre-approved list of transition managers under five-year contracts to provide services when needed. Barclays Global Investors, Deutsche Bank Securities, Russell Investment Group and State Street Global Markets are the fund's current transition managers, said Lavone Whitmer, director-fixed income. All may rebid. The RFP is available at the fund's website at http://www.state.in.us/perf/. Proposals are due June 30; Mercer Investment Consulting is assisting. Separately, PERF withdrew its search for investment management and record-keeping services for its $2.39 billion 457 annuity savings account and $18.8 million legislators' defined contribution plan. Fund officials hope to reissue the RFP possibly in midsummer. The original RFP, issued in January, was withdrawn because officials want to consider adding other services.
Kansas Public Employees Deferred Compensation Plan, Topeka, issued an RFP for a consultant for its $643 million 457 plan, according to its website. Sherry Macke, procurement director, did not return calls seeking comment. The RFP can be found online at www.da.ks.gov/purch/rfq/rfqdata/09523.doc. Proposals are due June 30.