Connecticut Retirement Plans and Trust Funds, Hartford, is conducting 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 selected real estate manager would run $250 million, said Christine Shaw, director of government relations at the state Treasury in an e-mailed 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, adding that 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 Townsend Group and select semifinalists by Dec. 31. She will interview candidates in January and make a recommendation to the investment advisory council in early February. Ms. Nappier expects to make a selection in early March.
Big Apple plans put out call for real estate consultants
New York City Retirement Systems issued an RFP for at least one real estate investment consultant. Multiple consultants could be chosen, according to the RFP on the website of the New York City Comptroller John C. Liu, the system's investment adviser, custodian and trustee. Townsend Group is real estate consultant for four of the five funds and can rebid, Michael Loughran, a spokesman for Mr. Liu, wrote in an e-mailed response to questions. Townsend's contract expires on June 30. The $109.6 billion systems have commitments to 41 real estate investment funds totaling $3 billion as of June 30, according to data in the RFP. The new contract will be for a three-year term with four one-year renewal options, according to the RFP, which can be found here. Proposals are due at 2 p.m. EST Jan. 20. Further information is available by mail from Evelyn Dresler, Office of the Comptroller of the City of New York, The Municipal Building, 1 Centre St., Room 650, New York, NY 10007-2341, or at [email protected].
Avon relists currency overlay search
Avon Pension Fund, Keynsham, England, reissued an RFI for a manager to run an active currency overlay for the fund's overseas equity portfolio, which is valued at about £500 million ($774 million). The search was canceled earlier in December because of technical factors, said Matt Betts, assistant investment manager for the £2.5 billion fund. Proposals are due Jan. 25. Consultant Jardine Lloyd Thompson Group is advising. Further information on the search can be obtained online here.
Alts consultants on Ohio PERS wish list
Ohio Public Employees Retirement System, Columbus, issued an RFP for at least one alternative investment consultant, confirmed spokesman Mike Pramik. The $72 billion system will consider separate consultant proposals for hedge funds, private equity and real estate, or one consultant for all three classes. Current alternatives consultants are Hamilton Lane for private equity, Townsend Group for real estate and Mercer for hedge funds. Mercer no longer consults for public pension plans; it could not be immediately learned whether Hamilton Lane and Townsend Group could rebid. The RFP can be found at the system's website. Proposals must be received by 4 p.m. EST Jan. 31 and should be sent to: Ohio Public Employees Retirement System, Chief Investment Officer, 277 E. Town St., Columbus, OH 43215. Electronic versions can be sent via e-mail to [email protected].
NEST launches search for SRI fund manager
NEST Corp., London, will search for a manager to run a global socially responsible investment equity fund for the new U.K. national defined contribution plan, according to a news release. The SRI fund will be used as part of a fund-of-funds portfolio option “with a suitable risk/return profile for our members,” according to the release. Mercer is advising. Mark Fawcett, chief investment officer at the National Employment Savings Trust, could not be reached by press time for further comment. NEST is estimated to grow to as much as £200 billion ($310 billion) by 2040.