Webster (Mass.) Retirement System is seeking proposals from international equity managers to run approximately $3.7 million, according to an RFP posted on the website of Wainwright Investment Counsel, the $24.6 million pension fund's investment consultant.
Gerry Wentworth, pension board administrator, confirmed the search is being conducted to replace the plan's current international equity manager, Invesco, which is underperforming. Invesco spokesman Bill Hensel declined to comment.
The pension plan will consider active or passive strategies. The proposed strategy should be benchmarked to the MSCI EAFE index or other comparable index. Bidders should respond with commingled strategies. Separately managed accounts will not be considered.
Strategies with opportunistic allocations to emerging markets will be given preference.
The RFP is available on Wainwright's website. Registration is required.
Proposals are due by 2 p.m. EDT on March 13. A timetable for a selection has yet to be determined.