New Mexico Public Employees Retirement Association, Santa Fe, issued RFPs for a U.S. large-cap enhanced index equity manager as well as passive equity managers to be placed on a preapproved list, said Joelle Mevi, chief investment officer of the $12.1 billion fund in an e-mail.
Pension fund officials launched the two RFPs because the contracts of passive managers State Street Global Advisors, BlackRock and Northern Trust, as well as for enhanced index large-cap coreequity manager INTECH Investment Management, expire on Sept. 30, she wrote. All four managers will be invited to rebid.
SSgA manages $872 million in U.S. large-cap core equities, $99 million in a Russell 2500 smidcap core equity portfolio, $206 million in international equity EAFE and $185 million in commodities. SSgA also manages $179 million in active international equities which is not up for bid.
BlackRock manages $150 million in TIPS and $25 million in REITs, Ms. Mevi said in an interview.
Northern Trust manages $238 million in passive large-cap growth equities and $1.5 billion in passive international developed markets equities.
The distribution of assets among managers will be decided once a list of managers is recommended for approval for current and future mandates, Ms. Mevi wrote.
INTECH currently manages $244 million as of Dec. 31.
Pension fund officials prefer separate accounts for both RFP but will consider commingled accounts, according to the RFPs, which are available on the fund's website. Responses to both RFPs are due April 24, with selections expected at the July 26 board meeting.
General consultant R.V. Kuhns is assisting.
Separately, the board at its March 29 meeting selected core fixed-income managers BlackRock and MacKay Shields to run about $625 million each, contingent on successful due diligence and contract negotiation, Ms. Mevi wrote. An RFP was issued in November. BlackRock had managed the entire portfolio; its contract expires June 30.