Iowa Public Employees Retirement System, Des Moines, could issue an RFP in the first week of October for one or more active equity managers to run a portfolio benchmarked to either the MSCI Pacific or MSCI All Country Pacific index, possibly to manage up to $700 million, said Karl Koch, CIO of the $23 billion fund.
System officials expect to commence the search because of performance concerns about Schroder Investment Management, which is on comprehensive review. The firm manages a $700 million active equity portfolio for the fund. The purpose of the RFP is to evaluate competing products and determine if Schroder should be retained or replaced, Mr. Koch said in a statement. The number of managers hired will depend upon the quality of the managers that submit proposals, he said.
Richard Shaw, Schroder director of public relations, said: Well be submitting an RFP along with everyone else they have invited to submit an RFP. He declined to comment further.
Wilshire, the systems consultant is assisting, and the fund could make a decision on hiring in three months, Mr. Koch said.