MassPRIM puts out call to run up to $1 billion in smidcap

Massachusetts Pension Reserves Investment Management board, Boston, on Monday issued RFPs for active domestic smidcap equity managers to oversee as much as $1 billion and for managers of emerging managers to help place broad-based allocations to emerging managers.

The board, which oversees $50 billion, will fund the smidcap hirings from a Russell 2500 index fund run by State Street Global Advisors, which currently manages about $2 billion.

The manager-of-emerging-managers search follows a board decision in February to consider allocating 5% to 10% of PRIM's assets in a broad range of asset classes to emerging managers.

In a telephone interview, Stanley P. Mavromates Jr., chief investment officer, declined to specify the size of any potential mandate, noting that the manager of emerging managers RFP should be seen as only one part of PRIM's program to engage emerging managers.

Firms to be considered are those with experience overseeing portfolios of emerging managers with less than $2 billion in assets under management in domestic large-cap or small-cap equity, international equity, emerging markets equity, global equity, core fixed income, real estate and private equity.

The RFPs are on PRIM's website. Proposals for the smidcap mandates are due by 3 p.m. EDT May 29, while proposals for the manager of emerging managers mandates are due by 3 p.m. EDT May 31.

The PRIM board could select candidates for both mandates at its Aug. 10 meeting.

PRIM's newly appointed general consultant, Callan Associates, is assisting.