Iowa Public Employees' Retirement System, Des Moines, plans to issue an RFP to search for an active U.S. large-cap growth manager to run $650 million, according to an IPERS statement.
Iowa PERS, which oversees $24.9 billion, expects to issue the RFP by the end of the month. It plans to post the RFP on its website and on the website of Wilshire Associates, its investment consultant, which will assist in the search.
Iowa PERS expects to hire one manager.
Funding will come from RCM Capital Management, which Iowa PERS is terminating for underperformance, according to the statement. RCM manages the $650 million active U.S. large-cap growth portfolio. Iowa PERS put RCM on watch for performance in September. RCM will continue as manager until Iowa PERS determines the timing of transitioning away from RCM.
Denise Lee, RCM spokeswoman, couldn't be reached for comment.