Updated with correction
New Jersey Division of Investment, Trenton, is searching for up to 16 non-discretionary managers to run more than $8 billion total in international equity for the state's pension fund, confirmed William Quinn, a spokesman for the Department of Treasury, which oversees the investment division.
The $75 billion pension fund is looking to allocate about 8% of total assets to up to 10 international developing markets equity strategies, and about 3% of total assets to up to six international small-cap equity strategies, split between developed and developing markets. Firms can submit proposals for multiple strategies.
The investment division expects to hire a combination of “active, passive and quasi-passive strategies,” according to the RFP.
Funding is largely coming from the $75 billion pension fund's $6 billion emerging markets equity portfolio, which is being renamed the “developing markets” portfolio. Emerging markets managers Wellington Management, Lazard Asset Management and Morgan Stanley (MS) Investment Management may all rebid on the RFP.
The pension fund had a 12.6% allocation to developed markets equity and 6.9% to emerging markets equity as of June 30.
The RFP is available on the Treasury Department's website. Proposals are due at 2 p.m. EST Nov. 19. A hiring decision is expected in December.
