Connecticut Retirement Plans and Trust Funds, Hartford, is running an “expedited” search for a real estate separate account manager, according to state Treasurer Denise Nappier, the principal fiduciary for the $23.9 billion system.
The manager would run $250 million, said Christine Shaw, director of government relations at the state Treasury in an email response to questions.
“This search will be conducted on a competitive basis, utilizing an expedited process by which we primarily consider managers within the database universe of our RFP consultant, Townsend Group,” Ms. Nappier wrote in a Dec. 1 letter to the system's investment advisory council. “I intend to hire one manager to assume the same responsibility for (the pension system's) existing portfolio of seven core assets.”
Ms. Shaw wrote that Ms. Nappier’s office also will refer other managers to Townsend for consideration. Officials at Townsend, the system’s real estate consultant, could not be reached for details.
The contract of current real estate separate account manager AEW Capital Management expires May 4, Ms. Shaw wrote.
Shaw said the search isn’t related to AEW’s performance. “State procurement procedures require a competitive search for this mandate,” she wrote. AEW can rebid.
According to a proposed timetable, Ms. Nappier will review recommendations made by the system’s real estate consultant Townsend Group and select semifinalists by Dec. 31. Ms. Nappier will interview candidates in January and make a recommendation to the investment advisory council in early February. She expects to choose a candidate in early March.