Illinois State Universities Retirement System, Champaign, issued an RFP for managers to run its $2.75 billion fixed-income portfolio. The $12.6 billion system is looking for firms to run active and passive core and core-plus portfolios; managers may apply for more than one assignment. Currently, the system's fixed-income portfolio is run actively. The system's existing managers can rebid. They are PIMCO; BlackRock; WAMCO; TCW Asset Management; Progress Investment; Pugh Capital Management; Smith Graham; Taplin Canida & Habacht; and Davis Hamilton Jackson, according to SURS reports. The RFP is available at http://www.surs.org. Proposals are due March 22. Ennis Knupp, the system's consultant, is assisting.
London fund sets RFI for global equity
Royal Borough of Kensington and Chelsea Pension Fund, London, issued an RFI for at least one manager to run about £300 million ($449 million) in active global equity, according to fund spokesman Hugh Donohoe. The £430 million fund is changing its investment strategy to a global approach from a regional one, Mr. Donohoe said. The shift will not result in an overall asset allocation change in equity, which remains about 70% of plan assets. Funding will come from existing regional portfolios being managed by AllianceBernstein and Baillie Gifford. Both can rebid. Information is due April 6. Additional information can be obtained from consultant Hymans Robertson.
North Yorkshire in the market for global bond manager
North Yorkshire Pension Fund, Northallerton, England, is searching for at least one active global bond manager to run a total £120 million ($182 million), according to Tenders Electronic Daily. Funding comes from terminating European Credit Management, according to the fund's website. ECM ran a “relatively complex geared investment” strategy that invested, in part, in asset-backed securities, according to online documents from the fund's September trustee meeting. Fund officials decided to switch to a “plain-vanilla corporate bond mandate,” according to the documents. ECM ran $95 million as of Sept. 30; it could not be learned by deadline where the additional funding would come from. Proposals are due April 7. Interested parties should contact Tom Morrison, principal accountant of the £1.2 billion fund, at [email protected] Mr. Morrison did not respond to requests for further information. No consultant was listed in the search.
English plan seeks global custodian
Lancashire County Council Pension Fund, Preston, England, issued an RFP for a global custodian, according to Mike Jensen, head of treasury management and the pension fund. The £3.7 billion ($5.5 billion) fund's policy is to review contracts after five years, Mr. Jensen said. Incumbent BNY Mellon Asset Servicing was invited to rebid. Further information can be obtained from specialist consultant Thomas Murray, at https://rfp.thomasmurray.com. Proposals are due April 15.
RFP out in Kansas for international core fixed manager
Overland Park (Kan.) Police Department Retirement Plan is searching for an international core fixed-income manager to run $2 million to $5 million, according to an RFP posted on the website of Dahab Associates, the $50 million fund's consultant. The RFP can be found at http://www.dahab.com/searches.html. Proposals must be sent to Steven Roth, director of manager research, Dahab Associates, Inc., 423 S. Country Road, Bay Shore, NY, 11706. Proposals are due by 5 p.m. EDT April 26. Mike Russo, retirement plans manager, could not be reached for further details.
English plan considering new consultant
Buckinghamshire County Council Pension Fund, Aylesbury, England, issued an RFP for an investment consultant, according to Clyde Palfreyman, assistant head of finance for the £1.3 billion ($2 billion) fund. The contract for Mercer, the fund's current consultant, ends in June. Mercer is invited to rebid. The fund now invests 36% of the total assets in overseas equities, 24% in U.K. equities and 15% in bonds. About 10% of the portfolio is in real estate, 8% in private equity and the remainder in absolute-return strategies. Proposals are due April 27. Further information can be obtained via e-mail at [email protected]
PPF cutting equities in favor of alts
Pension Protection Fund, London, will cut its equity allocation in half to increase its alternatives investments, including the £4 billion ($6 billion) fund's first move into private equity, according to the fund's new statement of investment principles. Cash and bonds will remain at a combined 70% of assets, but public equity will be reduced to 10% from 20%, according to the new target allocation released March 10. Alternatives — 7.5% of total assets in real estate and 2.5% in global TAA — will rise to 20%. In addition, the types of assets to be included in the alternatives portfolio will be broadened to also include private equity, infrastructure and absolute-return strategies. Exact allocations to alternatives subcategories have not been determined. Information on how existing managers will be affected was not available by press time.
