Santa Barbara County (Calif.) Employees' Retirement System is searching for passive managers to run four portfolios totaling $750 million, according to an RFP posted on the $3 billion pension fund's website.
The pension fund is conducting the search "as part of the normal course of finding the best asset management for beneficiaries," the RFP said. The four passive portfolios are a $329 million domestic large-cap equity portfolio (currently managed by State Street Global Advisors), a $271 million domestic large-cap defensive equity portfolio (RhumbLine Advisers), a $104 million U.S. Treasury inflation-protected securities portfolio (BlackRock (BLK)) and a $46 million U.S. intermediate-term fixed-income portfolio (also BlackRock). All current managers are invited to rebid.
The RFP is available on SBCERS' website. Proposals are due at 5 p.m. PST on Nov. 30. A decision is expected on Jan. 23.
Investment consultant RVK is assisting.
Lauren Thompson, assistant CEO - investing, was not available to provide further information by press time.