Washington State Investment Board, Olympia, will begin a search in about two weeks for active emerging markets equity managers, said Phil Brady, contracts manager.
The board, which oversees $132.3 billion in assets that includes $102.6 billion in defined benefit plan assets, will issue an RFP around Dec. 21 because of the pending expirations of the contracts of the board's current active emerging markets equity managers, who run a total of $2.4 billion. The current managers are AQR Capital Management (which managed $692 million as of Sept. 30), Brandes Investment Partners ($556 million), Lazard Asset Management ($478 million) and Mondrian Investment Partners ($674 million). All are invited to rebid, Mr. Brady said.
The exact amount up for bid, along with the due date and expected date of decision, have yet to be determined.
As of Sept. 30, the allocation to emerging markets equities was 3%. A fifth manager, BlackRock, runs a $698 million passive portfolio.
The RFP will be posted on the board's website.
Investment consultants Callan and Meketa Investment Group are assisting.
