New Bedford (Mass.) Retirement System is searching for a tactical asset allocation manager to run about $20 million and an emerging markets manager to run about $10 million, according to two separate RFPs on the website of consultant Segal Advisors. The board of the $203 million retirement system will consider proposals from managers for commingled investment vehicles for both portfolios. Both RFPs are available at http://www.segaladvisors.com/for-investment-managers/active-investment-manager-searches. Proposals for both are due by 3 p.m. EDT on Oct. 7. Two copies of each proposal must be sent to Gerald Arnaudet, Executive Director, New Bedford Retirement Board, 651 Orchard St., No. 203A, New Bedford, MA 02744-1008; and one copy must be sent to Carol Loi, Associate, Segal Advisors, 116 Huntington Ave., 8th Floor, Boston, MA 02116. Neither Mr. Arnaudet nor Ms. Loi could be reached for comment.
Cambridge (Mass.) Retirement System is searching for a real estate manager to run about $20 million in open-end core real estate, according to an RFP on the website of Segal Advisors, the $690 million system's consultant. The RFP is available at http://www.segaladvisors.com/ for-investment-managers/active-investment-manager- searches. Two copies of the proposal must be sent to Ellen Philbin, Executive Director, Cambridge Retirement Board, 255 Bent St., 3rd Floor, Cambridge, MA 02141, and one copy of the proposal must be sent to Carol Loi, Associate, Segal Advisors, 116 Huntington Ave., 8th Floor, Boston, MA 02116. Proposals are due by 3 p.m. EDT Oct. 7. A timeline for selection was not specified in the RFP. Neither Ms. Philbin nor Ms. Loi could be reached for further details.
Los Angeles County Employees Retirement Association, Pasadena, Calif., issued an RFI for subordinated real estate debt managers, John McClelland, principal investment officer, real estate, wrote in an e-mail response to questions. The $33 billion system is launching the RFI because executives “want to confirm there are qualified managers available to execute a subordinated real estate debt mandate on a separate account basis,” Mr. McClelland wrote in the e-mail. The amount of the mandate or the number of managers to be hired has not yet been determined. If the RFI results in viable proposals and bids, LACERA's board is expected to select at least one manager in the first quarter of 2011. Funding will come from LACERA's fixed-income portfolio. The association has 8.8% of its entire portfolio invested in real estate, under its 10% target, he stated. The RFI is on the system's website at http://www.lacera.com. Responses will be due by Oct 12.
London Borough of Sutton Pension Fund is searching for a passive multiasset manager to run up to £120 million ($187 million), said Anthony Reeves, chief accountant for the £320 million fund. Fund officials believe overall performance will improve by moving a portion of total assets to passive; however, funding for the new mandate has yet to be decided, Mr. Reeves said. Investment consultant Hymans Robertson is conducting an asset allocation review, due to be completed next March. Manager and asset allocation changes could be made then, Mr. Reeves said. “We do anticipate having an element of passive in the new mix,” he said. AllianceBernstein and Newton each run global equity mandates of about £110 million, while Aberdeen Asset Management runs £75 million in global bonds, RREEF runs £20 million in U.K. real estate, and M&G Investments runs £5 million in a small companies loans strategy. Proposals are due Oct. 29, with a selection expected by the end of November. Questions should be directed to consultant Hymans Robertson at [email protected]