Massachusetts Pension Reserves Investment Management Board, Boston, is expected to issue on March 3 an RFP for natural resources managers, including renewable energy, farmland, minerals and coal, said Michael Travaglini, executive director. The $53.7 billion system plans to invest 2% of its assets, or $1.1 billion, in natural resources, all of which will be allocated through the RFP. The new investment will be funded from the sale last year of about $1 billion in timber assets, half of its allocation. Alternative investment consultant Cliffwater is assisting. The deadline for submissions will be March 24. The RFP will be listed on the pension fund's website, www.mapension.com.
CHANGES AHEAD:Mass PRIM to seek natural resources managers
Ohio Public Employees Retirement System, Columbus, issued an RFP for a third-party administrator for its $226 million 401(a) plan, according to its website. CitiStreet, the plan's current administrator, will be invited to rebid. The RFP is available at www.opers.org/pdf/ vendor/dc-plan-services.pdf#zoom=100. Proposals are due March 6. Eric Sanderson, manager of defined contribution, did not return calls by press time.
Indiana Public Employees' Retirement Fund, Indianapolis, is searching for a Russell 1000 fundamental enhanced index manager for $600 million and an active MSCI emerging markets equity manager for $150 million. Mercer is assisting in the searches. The $17.2 billon fund could hire one manager for both equity mandates. RFPs are available at www.state.in.us/perf/. The deadline is March 7. Further information was unavailable. The fund also is searching for at least one core-plus fixed-income manager to run $500 million to $750 million; the deadline for proposals has passed.
City of Quincy (Mass.) Retirement System issued an RFP for an active emerging markets equities manager to run $8 million to $10 million, said Ted Benedict, investment analyst for Meketa Investment Group, which is assisting the $280 million fund in the search. Commingled and mutual funds will be considered. The allocation is new; funding has not been determined. Edward Masterson, Quincy executive director, could not be reached for comment. The RFP is available at www.meketagroup.com/mgrCenter.php. Responses are due by 4 p.m. EDT March 14. Questions should be directed to Mr. Benedict at [email protected]
San Francisco City & County Employees' Retirement System issued an RFP for an alternative investment consultant for the system's $4 billion private equity portfolio, according to an e-mail from David Kushner, deputy director for investments at the $16.9 billion pension fund. Incumbent Portfolio Advisors' contract expires June 30, and it is the fund's policy to issue an RFP. Proposals are due March 14. The RFP is available on the fund's website, www.sfgov.org/sfers. Staff at the fund expect to select finalists April 11.
Teachers' Retirement System of Louisiana, Baton Rouge, is looking for an active domestic small-cap value equity manager, said Bob Leggett, CIO of the $16 billion system. Systematic Financial Management now manages the portfolio, which has about $225 million. The search is routine and doesn't reflect poorly on Systematic, which was invited to rebid, Mr. Leggett said. The search is available on the system's website, trsl.org/general/index.php?page=SFP. Proposals are due by 4:30 p.m. CDT March 21. Consultant Hammond Associates will assist.
City of Phoenix Employees' Retirement System issued an RFP for an auditor to conduct a second actuarial valuation and provide reasonable alternatives to actuarial assumptions and improve the quality and understanding of valuation reports. Greg Fitchet, investment manager, said the $1.9 billion system will conduct the audits regularly and the system has no problem with performance of main actuary Rodwan Consulting. Rodwan signed a three-year contract July 1. The plan was 83.9% funded as of June 30, up from 81.3% the previous year. The RFP is available at www.ci.phoenix.az.us/phxcopers.html. Responses are due by 4 p.m. PDT March 24.
London Borough of Lewisham Superannuation Fund, London, issued RFIs for at least one manager each to run a £100 million ($195 million) active global equity mandate and a £20 million hedge fund-of-funds portfolio, confirmed Andy Murray, procurement consultant for the £715 million fund. Assets for the new portfolios will come from reducing U.K. equities to 25% of total assets from 42%, according to a Jan. 24 pensions investment committee report. As a result of the reallocation, two active U.K. equity portfolios managed by Capital International and UBS Global were being terminated. Information on how much each manager ran in the portfolios was not available at press time. UBS was appointed transition manager for the reallocation, according to the report. UBS retains a fixed-income portfolio and a passive U.K. equity strategy. Information on the sizes of those portfolios was not available at press time. Proposals are due March 25. Consultant Hymans Robertson advised.