New Mexico Public Employees Retirement Association, Santa Fe, issued RFPs for up to four managers: one to run $500 million in active international core equities; one to run $500 million in active international growth equities; and one or two firms to run a total of $500 million in active small-cap developed markets equities. The $12.5 billion fund's current international equity managers are: Capital Guardian, which runs a $1.3 billion active core portfolio; JPMorgan, $600 million in active growth; and AllianceBernstein, $500 million in active emerging markets and $1 billion in passive EAFE. The incumbents will each be invited to bid, and none has been terminated. Fund officials have not determined which portfolios will be reduced or terminated.
The RFPs are available on the association's website at www.pera.state.nm.us. Proposals are due Feb 16, with selections expected April 26.
The board also hired Northern Trust to manage between $500 million and $600 million in an MSCI EAFE index fund, said Robert Gish, the association's CIO. Northern Trust already manages a $900 million S&P 500 index account and a $500 million Russell 1000 index account for the fund. The fund did not issue an RFP.
The changes are the result of a December vote to restructure the fund's $3.4 billion international equity portfolio.