Illinois State Universities Retirement System, Champaign, issued an RFP for proxy-voting advisory services. The system could hire more than one firm for its $12.4 billion defined benefit fund. Incumbent Marco Consulting Group can rebid. Proposals are due July 22, according to the RFP, available at its website, www.surs.org. System officials haven't decided whether to hire separate firms for U.S. and non-U.S. proxy-voting services or whether it will continue to have an external advisory firm for only its domestic equities and leave non-U.S. proxy voting to its international managers, said Daniel L. Allen, chief investment officer.
PPF seeking up to 10 managers for alts, credit
Pension Protection Fund, London, is searching for up to 10 managers to run the £4.6 billion ($7 billion) fund's first investment in alternative credit strategies, spokeswoman Ana Moreno confirmed. The PPF will target non-investment-grade corporate debt, including distressed debt, mezzanine financing, bank loans and other approaches. Hedge fund strategies will be considered. The size of the portfolios has not been determined. The selected managers could be funded any time over the next four years. Proposals are due July 27. Selections are expected to be made by the end of the year. Further information is available from Colin McAlpine, contracts manager, at [email protected]
Texas Permanent has RFP for fund-of-funds manager
Texas Permanent School Fund, Austin, issued an RFP for an absolute-return hedge fund-of-funds manager, according to the $23.1 billion fund's website. The amount to be managed is not specified. The search is part of a July 2006 asset allocation policy change to diversify assets, according to the RFP. The RFP can be found at http://esbd.cpa.state.tx.us/bid_show.cfm?bidid=89744. The deadline for bids is 3 p.m. CDT July 28. Catherine Civiletto, deputy executive administrator, did not return a call by press time seeking further details.
LA Guns & Hoses taking master trust custodial bids
Los Angeles Fire & Police Pension System issued an RFI for master trust custodial services. Northern Trust is the incumbent for the $12.4 billion system; its contract is scheduled to expire on Sept. 30. The RFI is on the system's website at www.lafpp.com; responses are due July 30. Further information was not available at deadline.
AP1 in the market for hedge fund partners
AP1, Stockholm, is searching for up to three hedge fund “partners” to help manage a new $1.5 billion portfolio, said Rikard Kjorling, head of external management at the 202.3 billion Swedish kronor ($26 billion) fund. Partners could be fund-of-fund managers or consultants with experience in strategy/portfolio design, manager research and selection, portfolio monitoring and risk management. All strategies will be considered, but investments must be run in segregated accounts, Mr. Kjorling said. The structure will be similar to one the fund uses in private equity, where 2.8 billion kronor is run by LGT Capital Partners, Hamilton Lane and WP Global Partners, Mr. Kjorling said. Proposals are due Aug. 28. A selection is expected by the end of the year, Mr. Kjorling said. Further information is available at http://www.ap1.se/en/ Procurements/Procurements/Procurements/2010/Tender-for-Strategic-Hedge-Fund-Partner. Separately, AP1, along with fellow Swedish National Pension funds AP2, AP3 and AP4, are searching for environmental, social and governance analysis providers. More information is available at http://www.ap1.se/ en/Procurements/Procurements/Procurements/2010/Analysis-of-environmental-social-and-ethical-aspects-including-advice.
Investment consultant sought for fund in Belfast
Northern Ireland Local Government Officers' Superannuation Committee, Belfast, is searching for an investment consultant, according to Tenders Electronic Daily, a public procurement website. Hewitt Associates is the incumbent. Proposals are due Aug. 13. More information is available from Andrew Yap, finance manager, at [email protected] Mr. Yap was out of the office and unavailable for comment. Deane Morrice, CEO and secretary, could not be reached by press time.
New asset allocation in L.A. could lead to searches
Los Angeles Fire and Police Pension System officials on Aug. 15 are scheduled to approve a new asset allocation for the $12.6 billion system, which could lead to manager searches, Tom Lopez, chief investment officer, wrote in an e-mail response to inquiries. After the approval, system officials will plan how to implement the new allocation, including possible RFPs for new managers, according to the system's work plan, approved by the board. Over the course of this year, system officials will be reviewing the system's domestic and international equity, fixed income and absolute-return management structures, with possible RFPs to follow. System consultant R.V. Kuhns is assisting. Separately, the system plans to commit about $900 million in 32 to 51 funds over the next three years, according to a new three-year plan prepared by its private equity consultant Portfolio Advisors. On average, the system expects to commit about $15 million to $25 million in 10 to 17 funds per year.