Indiana Public Retirement System, Indianapolis, issued an RFP on Monday for two to four active international equity managers to run a total of $1.4 billion.
Each will get a five-year contract with the possibility of a one-year extension, with the total term not to exceed 10 years, according to the RFP.
The contract of one of the system’s current active international equity managers, Baillie Gifford, is expiring, said Jeff Hutson, INPRS spokesman. Baillie Gifford managed $341 million for the system as of Jan. 31. Its other active international equity managers are Arrowstreet Capital with $358 million; EARNEST Partners, $340 million; and Altrinsic Global Advisors, $284 million. All can rebid.
“INPRS has not made any decision to replace any existing managers,” Mr. Hutson said. “INPRS will evaluate all responses, including those from existing managers, to make a decision on the best lineup.”
The system’s international equity allocation comprises just under half of its overall 22.5% allocation to public equity, Mr. Hutson said.
The RFP is on the $28.6 billion retirement system’s website. Proposals are due at 3 p.m. EDT April 22. A decision is expected by June.
Investment consultant Strategic Investment Solutions is assisting.