Iowa Public Employees’ Retirement System, Des Moines, issued an RFP for at least one core or core-plus fixed-income manager to run a total of about $1 billion, according to the $21.2 billion system’s website.
Funding would come from a core-plus fixed-income portfolio run by BlackRock, according to Judy Akre, system spokeswoman. BlackRock was placed 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 earlier this week. “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 is posted on the system’s website, www.ipers.org, and consultant Wilshire Associates’ website, www.wilshire.com/BusinessUnits/Consulting/Research/ManagerSearch.html.
Proposals are due at 3 p.m. CST Feb. 21 and must be submitted by mail to Iowa Public Employees' Retirement System; Attn: Keith Scholten, RFP Coordinator; 7401 Register Drive; Des Moines, IA 50321. Electronic versions of proposals also must be sent to Wilshire at [email protected] and the system at [email protected]
The system will make selections on June 23, according to the RFP.
Barry B. Burr contributed to this story.