Norfolk County Retirement System, Canton, Mass., has reissued three RFPs seeking money managers to run a total of about 11.1%, or roughly $111 million through three domestic equities strategies.
The plan is looking for a U.S. large-cap value manager to run up to 6.5% of the defined benefit plan’s $1 billion assets, or approximately $65 million; a U.S. microcap manager to run up to 2.4% of the plan’s assets (about $24 million); and a U.S. midcap growth manager to run up to 2.2% of the plan’s assets (about $22 million).
The actual amounts to be allocated will be determined as a percentage of the portfolio. Both commingled vehicles and separate accounts will be considered for all allocations.
The mandates were first issued in October as part of a group of 10 RFPs for portfolios totaling $514 million.
The board voted to reissue the microcap value and growth RFPs because they received limited responses
from the original postings, said Kathleen Kiely-Becchetti, executive director of the retirement system. She added the large-cap value RFP was reissued “because almost half of the responses received an unacceptable rating,” which is why minimum criteria has been added to the RFP.
RhumbLine Advisers and Seizert Capital Partners are the current microcap value managers, RhmbLine and Victory Capital Management are the midcap growth managers, and State Street Global Advisors is the current large-cap growth manager. All incumbents are welcome to bid.
The system’s investment consultant, Wainwright Investment Counsel, is assisting with the searches.
The RFPs are available on Wainwright's website. Registration is required.
Proposals for all searches are due by 2 p.m. EST on Dec. 14. The selections are expected to be made on or before Jan. 30, 2019, said Ms. Kiely-Becchetti.