Iowa Public Employees' Retirement System, Des Moines, plans to issue an RFP on Friday for core and core-plus fixed-income managers, putting BlackRock's $1.5 billion core-plus fixed-income portfolio in jeopardy for termination, according to Judy Akre, spokeswoman at the $21.1 billion system.
The system placed BlackRock on comprehensive review status “based largely on Wilshire Associates' and staff's concerns about the firm's personnel turnover” in fixed income, Ms. Akre said in an e-mailed response to questions. “Staff and Wilshire will now conduct an in-depth review of the product and decide whether to retain or terminate.”
BlackRock's portfolio already had been on watch, she wrote.
“We are looking to further diversify our core-plus manager structure, and we will also use the search to gather information to assist us in our comprehensive review of BlackRock's core-plus product,” Ms. Akre also wrote.
The RFP will be posted on the system's website, www.ipers.org, and consultant Wilshire Associates' website, www.wilshire.com/BusinessUnits/Consulting/Research/ManagerSearch.html.