Chicago Metropolitan Water Reclamation District Retirement fund is searching for two emerging active domestic midcap equity managers to run $11 million each, and a third emerging manager to run $17 million in active domestic midcap growth equities, confirmed Susan Boutin, executive director of the $1.06 billion system. The emerging managers program is new, Ms. Boutin said in a telephone interview. The funding source has not been determined, although part of the money will come from overweight asset classes in the fund's overall portfolio. Applicants must have between $10 million and $10 billion in assets under management to meet the state of Illinois' definition of an emerging investment manager, Ms. Boutin said. She said the emerging managers program will ultimately make up about 12% of the overall portfolio. The RFPs are available on the website of fund consultant Gray & Co., at www.egrayco.com. Proposals are due 3 p.m. CDT on April 4.
Changes ahead: March 21, 2011
New Mexico Public Employees' Retirement Association, Santa Fe, issued an RFP for a third-party administrator for its $350 million 457 plan, according to the RFP. Proposals are due by 3:30 p.m. MDT April 19. Services include administration, enrollment, record keeping, a self-directed brokerage window and participant investment advice. The third-party administrator will also rebalance the plan's six custom lifecycle portfolios that are composed of percentages of the core funds. The RFP is available at www.pera.state.nm.us/publicnotices.html.
Attleboro (Mass.) Contributory Retirement System is searching for a timber manager to run between $4 million and $5 million, confirmed Leslie Ring, executive director of the $92 million system. The RFP can be found on the website of the system's investment consultant, Dahab Associates, at www.dahab.com/searches.html. Proposals can be sent to Leslie Ring, Executive Director, Attleboro Retirement Board, Government Center, 77 Park St., Attleboro, MA 02703. Proposals are due at 3 p.m. EDT May 6. Funding comes from cash.
Cooper City (Fla.) Police Officers' Pension Plan is searching for a large-cap growth equity manager to run $3 million, confirmed Steven Roth, director of manager research at Dahab Associates, investment consultant to the $18 million plan. Both active and passive managers are being considered. The portfolio's current manager, Sawgrass Asset Management, is invited to rebid, according to Mr. Roth. The RFP can be found at www.dahab. com/searches.html. Proposals are due 5 p.m. EDT May 11. Joan Wall, plan administrator of the plan, would not provide further information.
Ohio School Employees Retirement System, Columbus, will begin a search for a hedge fund consultant later this spring, confirmed spokesman Tim Barbour. The contract of the $10.3 billion system's current hedge fund consultant, Aksia, originally expired in August 2010. It was extended twice and now will end on Dec. 31, 2011. Aksia can rebid. The system's internal controls require that all contracts be put out for bid every five years, and Aksia is approaching the five-year mark, Mr. Barbour said in an interview. The most recent extension gave the system's investment staff time to conduct a search for a general consultant before starting the search for a specialist hedge fund consultant. Mr. Barbour said the general consultant search began in November, and staff members now are reviewing finalists, which he did not identify. A selection is expected at the board's April 21-22 meeting. The hedge fund consultant search likely will start shortly after the general consultant search concludes, Mr. Barbour said. The system had a total of $1.3 billion in hedge fund investments as of Dec. 31, invested directly in single and multistrategy hedge funds.
Fonds de Reserve pour les Retraites, Paris, announced a new asset allocation using a liability-driven investment approach, according to the e37.5 billion ($52.1 billion) fund's website. The French fund also plans to search for managers to run socially responsible equities, commodities, high-yield debt and developed country equities with exposure to emerging markets. “Implementing this strategic allocation requires restructuring the portfolio, which means selecting new managers,” according to the French fund's website. The French government decided in 2010 to pull e2.1 billion out of the Fonds de Reserve pour les Retraites each year through 2024, when the fund will be wound down. FRR's allocation to its “coverage” portfolio will remain around 61% of total assets, with its “performance” portfolio constituting the remaining 39%. However, major changes will be made within each portfolio.
