Ohio Public Employees Retirement System, Columbus, is searching for active domestic midcap equity managers to run a total of about $2.7 billion and active domestic high-yield bond managers to run a total of about $2.6 billion, spokesman Michael Pramik said.
The $87 billion retirement system, which includes $75.8 billion in defined benefit plan assets, issued an RFI for one to six active domestic midcap equity managers to run between $300 million and $700 million each. Core, growth and value managers will all be considered.
The search is the result of current midcap core equity manager Seizert Capital Partners, which ran $482 million, resigning its account. Mr. Pramik said in an e-mail that executives decided to take the opportunity to evaluate the system's entire lineup, in addition to finding a replacement.
The other midcap managers are value managers GW Capital, which runs $542 million and Systematic Financial Management, which runs $534 million; and growth managers Geneva Capital Management, which runs $429 million; Disciplined Growth Investors, $428 million; and Nicholas Investment Partners, $263 million. All are invited to rebid.
The retirement system also issued an RFI for three to six active domestic high-yield bond managers to run between $100 million and $800 million each.
Mr. Pramik said the high-yield search is the result of PERS' decision to consolidate its external high-yield manager lineup from the current seven managers.
The high-yield managers are Logan Circle Partners and Post Advisory Group, which each manage about $519 million; Fort Washington Investment Advisors, $510 million; J.P. Morgan Asset Management, $401 million; Neuberger Berman, $272 million; Wellington Management Co., $245 million; and Shenkman Capital Management, $108 million. All are invited to rebid.
The midcap and high-yield RFIs are available on the pension fund's website. Proposals for both searches are due at 6 p.m. EDT on Oct. 24. A decision on midcap managers is expected in December, while the high-yield decision is expected in January.