CalSTRS wants to create a list of consultants that can be used to review the $140.1 billion system's compensation programs for executive and investment management staff. Officials at the California State Teachers' Retirement System don't have a specific number of firms in mind, Ricardo Duran, spokesman for the West Sacramento-based system, wrote in an e-mailed response to questions. The search is part of an effort to more effectively seek, retain and reward talented professionals, Mr. Duran wrote. The RFP is available on CalSTRS' website, at www.calstrs.com/rfp. Proposals are due Jan. 27.
NEST Corp., London, is searching for a Shariah-compliant global equity fund manager to provide an investment option for the U.K.'s nationwide defined contribution plan aimed at low- to middle-income workers, confirmed Heather Tilston, spokeswoman. Active and passive managers will be considered. The search is being managed internally, although an investment consultant will aid in the selection process. That consultant has not yet been selected, Ms. Tilston said. Further information is available by sending an e-mail to Alexandra Snow, procurement support manager, at [email protected] Proposals are due Feb. 4. The National Employment Savings Trust will open later this year.
Merseyside Pension Fund, Liverpool, England, is searching for an investment consultant for the £4.8 billion ($7.7 billion) fund and an actuary for it and two other English local government plans, confirmed Paddy Dowdall, investment manager at Merseyside. The successful actuarial firm will also provide services to the £4 billion Lancashire County Council Pension Fund, Fishergate, and the £1.3 billion Cumbria County Council Local Government Pension Scheme, Carlisle, according to the RFP. Both the investment consultant and actuary RFPs are posted on European procurement website Tenders Electronic Daily. Incumbent Mercer can rebid for both. Proposals for both RFPs are due Feb. 17. Questions should be sent by e-mail to Tina Yu, Wirral Council procurement officer, at [email protected]
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 month. “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] ipers.org.
Wisconsin State Investment Board, Madison, is searching for a venture capital manager to run $80 million, according to Vicki Hearing, public information officer at the board, which oversees $83.3 billion. Strategic Investment Solutions, investment consultant to the board, is assisting. Further details weren't available by press time.
Florida State Board of Administration, Tallahassee, plans to start a search for a global master custodian March 1. Newly hired consultant R.V. Kuhns will help the board, which oversees a total of $152.2 billion, develop criteria for the search, including possibly unbundling securities lending and other non-core custodial services. Bank of New York Mellon is the global master custodian for funds the FSBA oversees, including the $124.5 billion Florida Retirement System defined benefit plan and $5.9 billion 401(a) plan. BNY Mellon also serves as the primary securities lending agent. Deutsche Bank and ClearLend Securities also provide securities lending services. BNY Mellon will be allowed to rebid.