Ohio Public Employees Retirement System, Columbus, issued an RFI for a hedge fund consultant to assist in the selection of hedge fund managers, spokeswoman Julie Graham-Price confirmed in an e-mail. The search is a result of the $65.7 million system's asset allocation move, putting 3% in hedge funds and 2% in opportunistic funds, from 3% combined opportunistic hedge funds. The board estimates up to 23 managers eventually could be hired to run up to a total of $2 billion. The RFI is available at https://www.opers.org/about/vendor/index.shtml. Completed responses should be sent to [email protected] Deadline for responses is 4 p.m. EDT Sept. 10.
Swiss Federal Social Security Fund, Geneva, issued an RFP for an enhanced index commodities manager to run up to $50 million, confirmed Edouard Dubuis, head of asset management. The selected firm is expected to run a rule-based long-only futures strategy that tracks the S&P GSCI, a commodities index. The manager will have a target information ratio of 0.5 The 26.4 billion Swiss franc ($25.7 billion) fund had 2.2% of total assets in commodities as of June 30, up from 1.3% as of March 31, according to data on its website. Its target commodities allocation is 3%. Proposals are due Sept. 15, and finalists are expected to be selected Sept. 30. The RFP is available by completing a form at http://www.ahvfonds.ch/main/en/? page_name=mandate.
Flintshire County Council Clwyd Pension Fund, Mold, Wales, issued three RFPs for managers to run a total of £269 million ($414 million) in passive developed market equities, active unconstrained global equities and tactical asset allocation strategies, according to fund spokesman Delwyn Evans. The changes resulted from the £900 million fund's new asset allocation plan, approved on Aug. 12, which includes 19% in passive U.K., U.S, continental Europe and Japanese equities. The active unconstrained global equities strategy accounts for 5% of assets and the TAA portfolio totals about 6% of total assets. Fund officials wanted to add exposure to developing market equities, move from active management in developed markets, and increase allocation to fixed income and inflation-hedging assets such as commodities, real estate and infrastructure, according to Mr. Evans. Funding will mostly come from terminating active equity managers Standard Life Investments, from a U.K. portfolio; Gottex Asset Management, a U.K. portable-alpha mandate; T. Rowe Price, U.S. equities; and TT International and BlackRock, both European equities, Mr. Evans said. Fidelity International also was terminated as an active Japanese equities manager, Mr. Evans said. Goldman Sachs Asset Management was terminated from a currency mandate, which is being folded into the TAA portfolio rather than as a standalone strategy, Mr. Evans said. All managers are invited to rebid. Information about the specific allocation shifts and the sizes of the terminated managers' portfolios were not available by press time. Proposals are due Oct. 11. Further information on the two equity mandates can be obtained from consultant bfinance via e-mail at [email protected] Further information regarding the tactical asset allocation strategy can be obtained from consultant JLT Benefit Solutions via e-mail at [email protected]
Lincolnshire County Council Pension Fund, Lincoln, England, is searching for a global custodian, said Nick Rouse, assistant investment manager for the £1.1 billion ($1.7 billion) fund. The mandate also covers other services, including securities lending, proxy voting and cash management. Incumbent J.P. Morgan Worldwide Securities Services can rebid. J.P. Morgan's contract expires March 31, Mr. Rouse said. Proposals are due Oct. 18. Search consultant JLT Actuaries and Consultants is assisting. Questions should be directed to JLT at [email protected]
Sanford (Fla.) City Firefighters' Retirement System is searching for an international equity manager to run $1.5 million, according to the website of Dahab Associates, consultant to the $12 million plan. Steven Roth, director of manager research at Dahab, said in a telephone interview that the investment will be actively managed, will include all cap sizes and does not specify an investment style. He said the investment would be funded by moving funds from a passively managed international equity allocation. The RFP is available at http://dahab.com/searches.html. Proposals are due by 5 p.m. EDT Oct. 18 and must be sent to Steven Roth, Director of Manager Research, Dahab Associates Inc., 423 South Country Road, Bay Shore, NY 11706. Questions were directed to Bill Smith, city purchasing manager, who could not be reached for comment.