State-Boston Retirement System is searching for two private equity managers to run up to $10 million each, one in an energy fund and the other in a small buyout/growth equity fund, according to RFPs on the website of NEPC, the $3 billion system's general consultant. The energy manager would focus on investments with a preference for private markets or debt-focused funds investing power generation, renewable or energy-related infrastructure assets, among others. The buyouts/growth equity manager would target companies with less than $50 million of EBITDA. The two funds must have a close no earlier than Dec. 31 and no later than Dec. 31, 2011. The deadline for submissions for both RFPs is 4 p.m. EST Nov. 17. The RFPs are on NEPC's website. The energy RFP is available here. The small buyouts/growth equity RFP is available here.
Fonds de Reserve pour les Retraites, Paris, issued an RFP for a currency overlay manager to run an undisclosed sum, an FRR spokeswoman confirmed. Incumbent State Street Global Advisors can rebid. The e35.7 billion ($49.8 billion) fund is conducting the search because SSgA's three-year contract will expire later this year. Managers should submit proposals online. Proposals are due Nov. 22. The spokeswoman could not say when a selection is expected.
San Francisco City & County Employees' Retirement System is searching for a target-date fund manager for its $1.7 billion 457(b) plan, according to an RFP posted on the $13.1 billion system's website. The RFP is available here. Proposals are due by 5 p.m. PST Dec. 17. Proposals can be mailed to City and County of San Francisco Employees' Retirement System, Attn: Deferred Compensation Division, Target Date Fund Investment Management Services RFP, 30 Van Ness Ave., Suite 3000, San Francisco, CA 94102. Finalists will be selected at the system's January board meeting, with a selection expected in April. A phone call to Carol Cypert, deferred compensation manager, was not returned by press time.
Oklahoma Teachers' Retirement System, Oklahoma City, is searching for a master custodian, confirmed James Wilbanks, executive secretary. J.P. Morgan Chase, the $9.1 billion system's current master custodian, is invited to rebid. Mr. Wilbanks said in a telephone interview that the system puts the contract up for bid every five years “to get the best value for our clients.” The current contract ends June 30. The RFP is available on the retirement system's website. Responses are due by 4 p.m. CST on Dec. 20. A selection is expected by February, he said.
New Mexico Public Employees Retirement Association, Santa Fe, expects to launch RFPs early next year for two active small-cap equity portfolios — at least $184 million in a domestic growth portfolio and up to $150 million in international — said Joelle Mevi, deputy director of investments for the $11.2 billion association. Association officials are planning searches in line with a switch to a greater emphasis on active management following a new asset allocation adopted by the board in June, she said. Funding for the domestic small-cap equity manager will come in part from terminating State Street Global Advisors' $184 million domestic small-cap index fund, while the international equity manager will be funded by reducing the $1.5 billion combined in large cap and emerging markets index equity portfolios managed by Northern Trust and SSgA, respectively.
The A$16 billion (US$15.8 billion) Sunsuper, Brisbane, Australia, allocated an additional A$200 million to emerging market equities, according to Investment magazine, Sydney. A search for active emerging markets managers is under way, under the direction of international equities portfolio manager Josh Bloom. But the fund is achieving the increased exposure now through exchange-traded funds selected by its transition manager while it investigates whether any active managers “make sense,” according to Chief Investment Officer David Hartley. Accessing emerging markets through ETFs “is working for us for now,” Mr. Hartley said, explaining the transition manager it was using for this deal — Russell Investments — had been instructed to buy “whatever ETFs look best on the day.” The A$200 million boost takes the emerging markets component of its offshore equity allocation to approximately 20%, Mr. Hartley said.
