CalSTRS is searching for up to three domestic equity managers to run parts of its $106.3 billion global equity portfolio, said spokesman Ricardo Duran.
Managers will select stocks from the Russell 3000 ex-tobacco ex-firearms index.
In addition to selecting up to three managers, the retirement system is also seeking to establish a pool of qualified equity managers that would be used to replace firms that might be terminated in the future or to add additional firms to its manager lineup.
The pension fund is not terminating any managers to fund the search, Mr. Duran said in an e-mail. CalSTRS currently has 42 external managers in its global equity allocation overseeing about $40 billion in assets. The size of the new mandates has not been determined.
Interested firms must have been in business for three years and must have a minimum of $100 million in assets under management in a U.S. equity category and at least $2 billion in total assets under management.
The RFP notice is available on the website of the $187.1 billion California State Teachers’ Retirement System, West Sacramento.
Firms competing for contracts must ensure their data are correctly uploaded into the eVestment database by 5 p.m. PST Dec. 31.
CalSTRS staff plan to conduct finalist interviews by April 30 and issue an intent to award by May 31. The actual start date for the selected managers is yet to be determined.