The New Mexico Public Employees' Retirement Association, Santa Fe, restructured its $3.4 billion international equity portfolio and plans to search for three managers, said Robert Gish, CIO of the $12.5 billion fund. Fund officials plan to issue three RFPs on Dec. 29: one for a manager to run $500 million in active international core equities; another for a manager to run $500 million in active international growth equities; and a third for one or two managers to run a new $500 million active small-cap developed markets portfolio, on March 2.
Funding will come from the restructuring. Currently, Capital Guardian manages a $1.3 billion active core portfolio; JPMorgan, $600 million in active growth; and AllianceBernstein, $500 million in active emerging markets. The incumbents will be invited to bid; none has been terminated.
R.V. Kuhns is assisting. The RFPs will be available on the fund's website at www.pera.state.nm.us. Fund officials expect to make manager selections for the core and growth portfolios by April, and for the developed markets portfolio by Sept. 30.