Lothian Pension Fund, Edinburgh, is searching for at least one manager to run £230 million ($423 million) in active global fixed income, according to Kate Brett, investment analyst at the £2.6 billion fund. The strategy will target one percentage point per annum above the Merrill Lynch Sterling Broad Market index over 10 years. The manager will be able to deviate from the benchmark within limits to be discussed later, Ms. Brett said. "This will give the manager more freedom to invest in emerging markets, high yield and other asset classes," Ms. Brett said. The portfolio, now managed by Henderson Global Investors to a custom benchmark, comprises the fund's entire fixed-income allocation. Henderson is invited to rebid. The RFI is available from Charlie Hall via e-mail at [email protected] Proposals are due Aug. 3.
Seattle City Employees' Retirement System is searching for up to three active domestic large-cap equity managers to run a combined $180 million. System officials will consider growth, value and core styles, according to the RFP. The contract of Wellington Management, which runs a $90 million active domestic large-cap core portfolio for the $1.9 billion fund, expires Dec. 31. Wellington may rebid. Fund officials are considering doubling the size of the existing portfolio, said Mel Robertson, CIO. Fund officials are also seeking up to four active domestic fixed-income managers to oversee a combined $200 million. The contracts of three of the fund's active domestic fixed-income managers — Western Asset Management, which runs $126 million; Reams Asset Management, $29 million; and Pugh Capital Management, $25 million — expire Sept. 30, and all three firms may rebid. Both RFPs can be found at www.ci.seattle.wa.us/retirement/rfp.htm. Proposals for the equity search are due by 8 a.m. PDT Aug. 7; proposals for the fixed-income search are due by 8 a.m. PDT on Aug. 14.
Taunton (Mass.) Contributory Retirement System issued an RFP for a manager to run $16 million in an S&P 500 index fund or an enhanced S&P 500 portfolio, confirmed Carol Tam, financial analyst for Segal Advisors, consultant to the $159 million plan. Proposals will be accepted for commingled or mutual funds and separate accounts. The RFP is available by contacting Ms. Tam at [email protected] Proposals are due by 3 p.m. EDT Aug. 1.
Los Angeles County Employees Retirement Association, Pasadena, Calif., will search for a private equity consultant, said Christopher J. Wagner, senior investment analyst, private equity. The $34 billion fund's contract with incumbent Pathway Capital Management, which helps oversee the fund's $1.9 billion private equity portfolio, expires at the end of the year. Pathway is invited to rebid. The RFP will be posted on the fund's website, www.lacera.com. Proposals are due by Aug. 16.
Illinois State Board of Investment, Chicago, plans to issue an RFP for managers specializing in infrastructure investments to run $282 million, said William R. Atwood, executive director of the $11.3 billion fund. The board plans to invest 5% of total assets in infrastructure investments, half this year and half next year, depending on the suitability of opportunities. Among major areas the board is considering are: transportation, including roads, bridges and airports; energy transmission, including high-tension power lines and oil pipelines; communications, including satellites; and investments such as leasebacks of public facilities. Infrastructure, a new asset class for the board, was chosen because of its low correlation with other asset classes and because it is a proxy for fixed income, he said. "This is an instance where being early (in investing in infrastructure) works to our advantage," Mr. Atwood said, noting there is also some uncertainty in entering a new area. Funding could come from fixed income; details have not been established. Marquette Associates, the board's consultant, is handling the RFP. Also, the board plans to commit $150 million a year over the next three years to private equity and is searching for investments, said William R. Atwood, executive director of the $11.3 billion fund. The board is seeking direct private equity manager relationships and not funds of funds. Funding will come from capital returned from existing private equity investments The board hired Franklin Park Associates as private equity consultant to oversee searches, he said. The fund has 4% of its total assets in private equity, Mr. Atwood said.
Fairfax County Educational Employees' Supplementary Retirement System, Springfield, Va., issued an RFP for a provider to perform an actuarial valuation of its two pension plans, according to the plan's website. Alan Belstock, executive director, did not return calls seeking more information. The two plans have assets totaling $1.7 billion. The RFP is available at www.fcps.edu/ERFC. Proposals are due July 31.
Pittsfield (Mass.) Contributory Retirement System issued an RFP for a manager to run $21 million in active domestic core-plus fixed income. Carol Tam, analyst at consultant Segal Advisors, said the $84 million plan may replace an existing manager, which she declined to identify. Freedom Capital Management ran the plan's bond assets as of December 2004, according to the latest data from the Money Market Directory. Karen Lancto, executive director of the plan, referred questions to Segal Advisors. The RFP is available by contacting Brian Keenan, financial analyst for Segal, at [email protected] Proposals are due at 3 p.m. EDT Aug. 3.
