Texas Treasury Safekeeping Trust, Austin, issued an RFP for at least one active global REIT manager to handle a total of $15 million in endowment assets overseen by the trust, said Danny Sachnowitz, deputy CIO. Northern Trust Global Investments now runs the assets in a passively managed global REIT; the firm can rebid. Northern Trust “performed exactly as expected,” Mr. Sachnowitz said. “We just believe active management can add value in this area.” The trust oversees $49 billion, of which $3.5 billion is from various endowments. The RFP is available at the Texas Comptroller's website at http://esbd.cpa.state. tx.us/bid_show.cfm?bidid=75867. Responses are due by 2 p.m. CDT April 25. A selection is expected the first week of May. Asset Consulting Group is assisting.
Texas Treasury seeking global REIT manager
Natick (Mass.) Retirement Board issued an RFP for a manager of managers to run the board's $88 million in assets, according to a posting on the Massachusetts Public Employee Retirement Administration Commission's website. The RFP is available at http://www.mass.gov/ perac/rfp/natick0308.html. Proposals are due April 30. Officials at Segal Advisors, the plan's consultant, and Kathleen Bacon, director, could not be reached for comment.
Kansas Public Employees Retirement System, Topeka, plans to issue RFPs this month for managers to run a $1.7 billion Russell 1000 index fund; a portion of a $250 million portable alpha mandate; a TIPS index low-tracking-error portfolio; and a domestic smidcap equity manager, said CIO Robert “Vince” Smith. The Russell 1000 fund has been managed by the $14.1 billion system's staff, while the portable alpha portfolio is run by Nomura Asset Management and Payden & Rygel; they will not be terminated. Mr. Smith said system officials are seeking to bolster the fund's diversification. The TIPS search results from system officials moving the $1.3 billion TIPS portfolio to a real-return allocation, with funding coming from an in-house portfolio that invests in the three longest-maturity TIPS; the amount of the mandate has not been set. Funding for the smidcap mandate will come from one of BGI's two small-cap enhanced index portfolios, one growth and one value, which have a total of $170 million. The RFPs will appear on the system's website at http://www.kpers.org/procurement.htm later this month.
Missouri Technology Corp., Jefferson City, issued an RFP for up to two firms or individuals with venture capital expertise to help raise $12 million and oversee $15 million for the Missouri Venture Partners Seed and Early Stage fund, which includes $3 million in state funding, confirmed Rob Monsees, MTC executive director. The venture is planned for two stages, and each could be handled by a different individual or firm: raising the $12 million within a year, then investing $15 million, primarily in high-growth Missouri-based technology companies. The $3 million in state funding is dedicated for investment in the agriculture biotech sector. Missouri Tech, a private, non-profit organization, will select the best proposal, which could include both phases. The RFP is available at http://www.missouritechnology. com. Deadline for responses is 5 p.m. CDT May 2.
Indiana Public Employees' Retirement Fund and the Indiana State Teachers' Retirement Fund, both Indianapolis, issued a joint RFP for firms that can provide record-keeping and investment management services for their 401(a) plans, with combined assets totaling $5.9 billion. Proposals are due May 9.
Updated with correction
East Sussex County Council Pension Fund, Eastbourne, England, issued an RFI for at least one manager to run £425 million ($848 million) in active global equity and a separate RFP for a £275 million passive U.K. equity mandate, confirmed John Shepherd, pension fund accountant. Officials of the £1.75 billion fund have not decided how the global equity portfolio will be funded, Mr. Shepherd said. The passive U.K. equity portfolio is being managed by Legal & General Investment Management on an interim basis. Mr. Shepherd did not have any further information. Overall, 26% of the plan's assets are in U.K. equities and 32.5% are in overseas equities. UBS Global Asset Management, Capital International and Fidelity International together manage the active equity portion as part of a multiasset strategy, Mr. Shepherd said. He did not know if the firms may rebid. The deadline for the global equity mandate proposals is May 9, while proposals for the passive U.K. equity portfolio are due May 27. Further information can be obtained from consultant Hymans Robertson at http://www.hymans.co.uk.
Texas Teacher Retirement System, Austin, issued an RFP for a master custodian, according to the state's procurement website. The $111.1 billion fund will consider proposals that include and exclude securities lending services with custodial, performance measurement and other services, according to the RFP. State Street is the current provider. The RFP is available at http://esbd.cpa.state.tx.us. Questions should be directed to Mike Labinski, purchasing and contracts manager, at [email protected] Responses are due by 3 p.m. CDT May 15. Spokesman Howard Goldman said plan officials were unavailable to provide details by press time.
