Webster (Mass.) Contributory Retirement System is searching for a passive large-cap equity manager to run about $3 million, said an RFP posted on the website of Wainwright Investment Counsel, the $28 million pension fund’s investment consultant.
Gerry Wentworth, Webster’s pension board administrator, said that the search is being conducted to comply with Massachusetts Public Employee Retirement Administration Commission regulations that require contracts to be put out to bid at least once every five years. Mr. Wentworth did not name the current manager.
The proposed strategy should be benchmarked to the Russell 1000 index or other comparable index. Preference will be given to commingled products, though separately managed accounts will be considered.
Only index strategies will be considered; actively managed products will not be considered.
The RFP is available on Wainwright's website. Proposals are due by 2 p.m. EDT on Jan. 16. A timetable for a selection has yet to be determined.
Jeffrey Fabrizio, Wainwright’s director of research, could not be reached by press time.
