Merseyside Pension Fund, Liverpool, England, is searching for at least three active equity managers to run a combined £500 million ($781 million), a spokesman for the £4.3 billion fund confirmed. The fund is searching for at least one manager each to run £180 million in Japanese equities and emerging markets stocks, and at least one active Asia Pacific ex-Japan equity manager to run £140 million. Nomura currently manages all three mandates and can rebid, said the spokesman, who asked not to be named. Interested managers should send an e-mail by Feb. 23 to Wirral Metropolitan Borough Council, which oversees the pension fund, at [email protected]. The spokesman did not have information on when a selection might be made.
Ohio Public Employees Retirement System, Columbus, is searching for one or more managers to oversee passive funds within the system's defined contribution $355 million target-date program, confirmed Julie Graham-Price, spokeswoman for the $69 billion system. The account type sought can be separate or commingled, according to the request for information. The passive investment options the manager will oversee are bond index, TIPS, U.S. long duration, U.S. high yield, large-cap, small-cap index and non-U.S. equity index. The successful candidate or candidates also will serve as liquidity manager for five funds in the overall DC plan: bonds, stock index, large-cap equity, small-cap equity and non-U.S. equity. Responses are due by 5 p.m. EST Feb. 24. A selection is expected in April. Proposals must be sent to DeAnne Rau, portfolio manager, external public markets, Ohio Public Employees Retirement System, 277 E. Town St., Columbus, OH 43215. The RFI can be found on the OPERS website at https://www.opers.org/about/vendor/index.shtml.
Swiss Federal Social Security Fund is searching for an investment consultant, according to the fund's website. Proposals are due March 31. The RFP is available at http://www.ahvfonds.ch/main/en?page_name=mandate. Eric Breval, managing director of the 25.1 billion Swiss franc ($23.1 billion) fund, could not be reached for comment by press time.
Milwaukee City Employes' Retirement System is searching for an investment consultant for the $3.96 billion fund. The contract of current consultant Mercer expires June 30, said Tom Rick, chief investment officer. Mercer can rebid. The RFP is available at http://www.cmers.com. Proposals are due Feb. 25. The system's board expects to make a selection May 24.
Swiss Federal Social Security Fund, Geneva, is searching for an investment consultant, according to the fund's website. Proposals are due March 31. The RFP is available at http://www.ahvfonds.ch/main/en/?page_name=mandate. Eric Breval, managing director of the 25.1 billion Swiss franc ($23.1 billion) fund, could not be reached for comment by press time.
Pensioenfonds Zorg en Welzijn, Zeist, Netherlands, is searching for direct hedge fund managers to run about €1.2 billion ($1.6 billion) combined, said Fons Lute, managing director alternative strategies at PGGM, which manages the €87 billion fund. PGGM will terminate all of its hedge fund-of-funds managers, which currently run about two-thirds of the fund's €1.7 billion hedge fund portfolio, because together they gave the fund excess overlapping beta exposure, Mr. Lute said. He would not name the managers. PGGM will instead invest directly in hedge funds and handle risk management internally. The new portfolio will have limited exposure to market-neutral and long/short equity strategies, and PGGM will not invest in fixed-income arbitrage or merger-arbitrage strategies. Mr. Lute said the transition to direct hedge funds will be mostly complete by the end of 2010.
Illinois State Universities Retirement System, Champaign, plans to search in June for a proxy-voting consultant, said Daniel L. Allen, chief investment offer of the $12.45 billion system. Mr. Allen said he plans to ask the board in June to authorize the search to comply with a state law requiring searches for consultants at least every five years. The search, if approved, would be undertaken in June with the board expected to make a decision on hiring in September, Mr. Allen said. The RFP would include both international and domestic proxy-voting advisory services, Mr. Allen said. Whether the fund hires one firm for each job or a single firm will depend in part on the proposal, Mr. Allen said. Incumbent Marco Consulting Group, which will be asked to rebid, handles only domestic proxy voting, Mr. Allen said. Marco's contract, which expired Dec. 31, was extended to Sept. 30. The system now has its international managers vote their proxies. Mr. Allen said the staff plans to consider having international proxy-voting advisory services outsourced, although trustees would have to make the decision.
