St. Louis Employees’ Retirement System has launched two new searches, one for an active domestic large-cap growth equity manager to run about $30 million, and one for a custodian, said Rich Olliges, accounting officer.
The $750 million pension fund issued an RFP for a large-cap growth equity manager because of performance concerns with current manager CastleArk Management, Mr. Olliges said. The manager is invited to rebid. Officials at CastleArk could not be reached by press time.
The RFP is available on the pension fund’s website. Proposals are due at 4 p.m. CDT on July 15.
Also, the pension fund has issued an RFP for a custodian, which includes securities lending services. Mr. Olliges said it has been many years since the pension fund has put the services up for bid and the board wanted to see what’s out there. Current custodian State Street will be invited to rebid.
That RFP is also available on the city’s website. Proposals are due at 5 p.m. CDT on June 27.
The pension fund expects to make decisions on both searches sometime in the fall, Mr. Olliges said.
Investment consultant Summit Strategies Group is assisting on both searches.