New Mexico Public Employees Retirement Association, Santa Fe, canceled an RFP for global tactical asset allocation or multiasset class managers, according to a public notice on the pension fund's website.
Jonathan Grabel, PERA chief investment officer, and board members decided to wait for completion of an asset allocation study that is in progress, said Julian Baca, deputy CIO for the $14 billion pension fund, in an e-mail. Asset allocation studies typically take a few months, Mr. Baca wrote.
Separately, the board at its Feb. 27 meeting approved an investment committee recommendation to allow the contract with C.S. McKee to expire on June 30; the firm manages $347 million in large-cap U.S. equities. The board also terminated Northern Trust Asset Management, which ran a $367 million passively managed Russell 1000 large-cap U.S. growth equity portfolio. Northern Trust was terminated because the board is consolidating its passive equity investments into a single core portfolio.