New Mexico State Investment Council, Santa Fe, will launch an invitation to bid search for one or more smart-beta managers to run a total of $1 billion in the coming weeks, said Charles Wollmann, spokesman for the $19.8 billion endowments, in an e-mail.
Council officials will be searching for smart-beta managers specializing in low volatility and another focusing on fundamental value strategies. Funding, in part, will come from replacing PanAgora Asset Management, which runs a $572 million domestic large-cap enhanced index portfolio. General investment consultant RVK is assisting.
Interested managers can contact RVK.
Separately, the council hired BlackRock for an up to $1 billion passive core fixed-income portfolio. The selection was made following a search that was approved by the council on Aug. 26. BlackRock manages two other portfolios for New Mexico State Investment Council: a $289 million active emerging markets equity portfolio and a $215 million domestic smidcap equity enhanced index portfolio.