Virginia Retirement System, Richmond, issued an RFP for a firm to provide actuarial services, according to the plans website. Charles W. Grant, chief investment officer of the $52 billion fund, did not return calls by press time. The RFP is available online at www.varetire.org/Procure/Actuarial.asp. Proposals are due Aug. 8.
Lothian Pension Fund, Edinburgh, issued an RFI for a manager to run a £157 million ($318 million) active unconstrained emerging markets equity portfolio, said Ruth Fry, communications officer of the £2.9 billion fund. The strategy is being managed by Lloyd George Management, whose contract expires June 30; the firm is invited to rebid. Proposals are due Aug. 9. Additional information can be obtained from the funds website at www.lpf.org.uk, or via e-mail from Irene Marshall at [email protected]
San Francisco City and County Employees Retirement System issued an RFP for two or more enhanced U.S. equity index managers to run a total of $700 million to $800 million, confirmed David Kushner, deputy director for investments at the $16.7 billion system. Funding will come from reductions to the $2.2 billion S&P 500 index portfolio and the $105 million ETF portfolio. The deadline is Aug. 15. The RFP is available at the citys website, sfgov.org, from consultant Angeles Investment Advisors and through eVestment Alliance.
Los Angeles City Employees Retirement System issued an RFP for one or more managers to run a $150 million emerging markets equity portfolio, said Dan Gallagher, chief investment officer of the $11.1 billion system. The fund will also conduct an invitation-only search for at least one corporate governance manager for a $150 million portfolio. Both searches are the result of a restructuring of the funds $2.5 billion international equity portfolio. Emerging markets equity was increased to 14% of the portfolio from 10%, and the corporate governance weighting was doubled to $300 million. The board has not decided whether the emerging markets portfolio will be active or passive or the number of managers to be selected. The RFP is posted on the systems website at www.lacers.org. Proposals are due Aug. 16. Fund officials also havent decided how many managers will be hired for the corporate governance portfolio. Funding will come from cash. Pacific Consulting Alliance is assisting.
Holyoke (Mass.) Retirement Board is searching for a manager to run up to $18 million in active domestic large-cap growth equities and another to run $12 million in active global fixed income, confirmed Daniel Owens, board administrator. Officials of the $182 million fund terminated large-cap growth Voyager Asset Management in May and placed the money in a Russell 1000 growth index fund run by SSgA. Funding for the global fixed-income allocation the funds first will come from a redistribution of the funds $30 million domestic fixed-income portfolio; officials are making the move for diversification. Segal Advisors is assisting and the RFP is available on its website at www.segaladvisors.com/rfp/index.html. Proposals for both portfolios are due by 3 p.m. EDT Aug. 20.
Fonds de Reserve pour les Retraites, Paris, issued an RFP for two active U.S. small-cap equity managers to each run €250 million ($345 million), according to a fund spokeswoman who asked not to be identified. Officials at the €32 billion fund are looking to invest in U.S. small-cap equity for the first time as a way to add alpha, the spokeswoman said. Funding will come from cash and rebalancing. Proposals are due at noon Paris time Sept. 17. Documents can be obtained via the funds website at www.fondsdereserve.fr.
California State Teachers Retirement System, Sacramento, plans to issue an RFP for active currency managers soon, according to the funds 2007-2008 business plan. Sherry Reser, spokeswoman for the $171 billion fund, could not provide more details. The fund announced in July 2006 that it would look this year for currency managers to run $4.8 billion to $6.4 billion of its foreign exchange exposure in a dynamic currency overlay targeting 50 basis points above the MSCI EAFE plus Canada, unhedged.
Overland Park (Kan.) Municipal Employees Pension Plan will issue an RFP for a consultant, confirmed Mike Russo, manager of the $38 million retirement plan. The contract of incumbent Alliance Benefit Group expires Dec. 31, and the firm will be invited to rebid. The RFP will be available on Overland Parks website at www.opkansas.org/_Gov/Legal_docs/index.cfm#Bids.
Kansas Public Employees Retirement System, Topeka, will begin an asset-liability study in September, confirmed CIO Robert Vince Smith. The $13.3 billion plan is considering adding a real return strategy when the study is completed, set for November. PCA will be assisting.
Dalhousie University, Halifax, Nova Scotia, may conduct a search this winter for infrastructure and real estate managers to run up to C$58 million ($55.4 million) each for the universitys C$1.2 billion fund endowment and C$780 million pension funds, confirmed Treasurer Colin Spinney. Fund officials are considering adding the allocations for diversification and will likely conduct the search with the help of Perimeter Capital Management, which advises the fund.