Illinois State Universities Retirement System, Champaign, is searching for at least one infrastructure manager to handle a total of about $100 million. The $9.6 billion fund will consider managers focused on traditional or core infrastructure. The RFP is available at http://www.surs.org. Proposals are due May 6. The system's board expects to notify finalists in August and make a decision in September. Consultant Ennis Knupp is assisting with the search.
Illinois State Universities looking for infrastructure manager
Montana Public Employees' Retirement Board and the Montana Teachers' Retirement System, both of Helena, issued separate RFPs for actuarial consulting services, with both threatening to disqualify bidders if they support market valuation of pension liabilities. The $4.7 billion public employees board RFP sets a May 8 due date for proposals, while the $2.9 billion teachers' system has a May 19 deadline. Milliman is the incumbent for both funds. Scott Miller, legal counsel of the public employees board, said Milliman is allowed to rebid for the public employees job. David Senn, director of the teachers system, couldn't be reached for comment. The public employees board's last search was in 1999, and as fiduciaries, the board members want to see what the market has to offer for such services, Mr. Miller said, explaining the reason for the search. The two RFPs each warn that if the actuarial firm or its primary actuary submitting a proposal supports market valuation of liabilities for public pension plans, their proposal may be disqualified from further consideration. The actuarial firm's ability to meet financial reporting requirements and market value liabilities portion of the offer will be evaluated on a pass/fail basis, with any (bidder) receiving a "fail' eliminated from further consideration, the public employees' board RFP states.
Texas Permanent School Fund, Austin, is searching for its first discretionary private equity separate-account manager, according to an RFP on the $17.5 billion fund's website. The fund's private equity allocation is 6% of assets, according to the RFP. The size of the separate account will be at the discretion of the fund's board, said Holland Timmins, executive administrator of the fund. The RFP can be found at http://ritter.tea.state.tx.us/tea/ ProcOpp.html. Proposals are due at 3 p.m. CDT May 14; a selection is expected in September. The new manager would begin Nov. 1.
Alameda County Employees' Retirement Association, Oakland, Calif., issued an RFP for a firm to conduct a financial audit of the $3.8 billion plan. The chosen firm will be conducting audits of the system through 2013. The incumbent is Williams Adley & Co., which can rebid. Proposals are due July 31. A selection could be made as early as Oct. 15. Copies of the RFP are on the association's website at http://www.acera.org.
Arlington County (Va.) Employees' Retirement System is searching for an investment consultant, according to Gregory A. Samay, executive director and CIO for the $1.1 billion system. The current consultant, Ashford Consulting Group, can rebid, Mr. Samay said. Copies of the RFP can be obtained from Danny Zito, investment officer, at [email protected] System officials hope to make a selection by the end of June, Mr. Samay said.
New York State Common Retirement Fund, Albany, will conduct an asset allocation study this year, said Robert Whalen, spokesman for state Comptroller Thomas DiNapoli, the sole trustee for the $121.9 billion fund. Mr. DiNapoli has not set a timetable for completion of the review, Mr. Whalen said. One new asset class that may be considered is infrastructure, if it fits within the risk-return profile of the investments in the state's statutory list of approved investments, Mr. Whalen said.
The Spec(Q) fund, Brisbane, Australia, is reviewing its investment strategy. The A$450 million (US$322 million) superannuation fund is working with consultant JANA, and expects to set a new asset allocation by August, according to Investment & Technology newspaper. Win Hughes, trustee director, said alternatives could play a bigger part in the new portfolio, but a number of structural and philosophical issues need to be resolved. Separately, the fund has begun putting its 23% in cash holdings back into the market. Mr. Hughes said the fund has almost doubled its investment in credit risk with Loomis Sayles and, last month, invested 10% in Australian equities to rebalance the portfolio back to its benchmark. Spec(Q) also terminated an A$50 million emerging markets mandate with Legg Mason and reallocated the money to international equities manager Wellington. The change was prompted after the Queensland Investment Corp., which manages international equities on behalf of the fund, shifted its portfolio to incorporate emerging markets as the benchmark, resulting in Spec(Q) being slightly overweight emerging markets.