Ohio Bureau of Workers' Compensation, Columbus, will issue an RFP in July for a passive domestic large-cap equity manager to run about $2.6 billion for the $22 billion State Insurance Fund, confirmed spokeswoman Melissa Vince.
Funding comes from Russell 3000 index strategies managed by Northern Trust and Mellon Capital. Last year, the SIF changed its 20% domestic equity allocation, which was entirely managed in the Northern Trust and Mellon strategies. The new allocation is 12% passive large-cap, 7% total active midcap and small-cap; and 1% minority-owned managers of managers and/or women-owned active managers.
The RFP will be issued by July 8. It will be available on the Ohio state procurement website. Proposals will be due in late July and a hiring recommendation is scheduled for Aug. 28.
Northern Trust and Mellon can both bid on the new search as well.