ATLANTA - The Fulton County Retirement System, Atlanta, is searching for a value manager to handle $50 million to $75 million, a fund official said.
The search should be done within the next 60 days. The new manager could replace one of the $600 million fund's existing value managers; the official would not identify the managers.
The final allocation will be determined after the fund finalizes its asset allocation study at its March 12 board meeting.
Watson Wyatt is assisting.
CLINTON, N.Y. - The $280 million Hamilton College endowment fund is searching for one or two venture capital managers, said Daniel J. O'Leary, vice president-administration and finance.
The move is part of an effort to raise its venture capital investments to 5%or 10%of the total fund. The fund now has 4.2%of the fund invested in nine venture capital partnerships. The new managers would be assigned only part of the new allocation, although the amount wasn't specified.
Funding will come from cash flow.
PITTSBURGH - The Retirement Board of Allegheny County, Pittsburgh, will search for a large-cap value stock manager, said Cheryl A. Bateman, executive director.
The board plans to issue RFPs in early March. The new manager will be assigned $35 million. The source of the funding hasn't been specified.
Kalson & Associates is assisting.
California Public Employees
SACRAMENTO, Calif. - The investment committee of the California Public Employees' Retirement System accepted a report calling for an RFP to be issued March 3 for apartment managers. Final filing date for the RFP is April 15. The RFP is part of the $111.5 billion fund's restructuring of its $7.5 billion real estate portfolio.
CalPERS has about $522 million invested in apartments. Managers that invest in apartments for the fund are LaSalle Advisors, Equitable Real Estate, Metric Institutional, RREEF and Sentinel.
In closed session, the committee also approved the real estate subcommittee's recommendation to approve a strategic plan for industrial real estate. Details of the strategic plan weren't available.
Plymouth County Retirement
PLYMOUTH, Mass. - The Plymouth County Retirement System is starting a search for its first outside domestic manager.
The $250 million fund's consultant, Bill O'Donnell of the Hannah Group, issued RFIs for the $25 million balanced mandate in February. Assets will come from the $200 million now managed internally. After screening, RFPs will be issued in March.
The fund's three existing managers - Brandywine Asset Management, Van Kampen and Bank of Ireland - all invest in international stocks or bonds.
Chicago Park Employees
CHICAGO - The Park Employees' Annuity and Benefit Fund of Chicago is seeking an active international equity manager following an increase in the fund's non-U.S. stock allocation.
The search is being done through the fund's consultant, Ennis, Knupp.
The $507 million plan will fund the increase, which doubles its previous 5% international exposure, by liquidating its real estate investments, said Joseph Fratto, executive director. The fund has about 8% in real estate now, using Aeltus and MetLife Realty Group as outside managers and handling about 3% internally.
The new international manager is expected to be chosen at the board's May meeting.
The fund also terminated Phoenix-Duff & Phelps as fixed-income manager and Holland Capital as domestic equity manager because of performance.
Phoenix's $30 million and Holland's $5 million portfolios will be divided among existing managers. Holland officials had no comment, and Phoenix officials could not be reached for comment.
NEW YORK - The Metropolitan Opera Association, New York, is considering investing part of its $142 million endowment fund in small-capitalization equities, said Thomas Martin, finance director.
The association's investment committee will decide whether to invest $5 million in the asset class at its March meeting. Assets will probably come from fixed-income manager OFFITBANK, which manages $55 million, he said.
Cambridge Associates assisted.
Los Angeles County
PASADENA, Calif. - The $21 billion Los Angeles County Employees Retirement Association, Pasadena, is conducting a search for an independent actuarial firm to perform an actuarial audit.
A conference for vendors interested in submitting proposals was scheduled for March 4. Submissions for its RFP are expected before March 19. A selection is expected in April.
Also, the fund will do an overall review of its global mandate for international investment, and decide whether to keep it as is or to invest regionally and how much to invest active vs. passive.
That study will be conducted with assistance from Frank Russell.
BALTIMORE - The Longshoremen ILA STA-ILA Pension Trust Fund, Baltimore, is conducting an asset allocation study.
The annual review of the $500 million plan is expected to take three months. "We are looking over what we have" and evaluating options, said Charles W. Springer, co-administrator. Changes will be made pending the recommendations of John Statts of Investment Performance Services, the plan's consultant.
Alyeska Pipeline Service
ANCHORAGE, Alaska - Alyeska Pipeline Service Co., Anchorage, completed an asset allocation study for its $91 million defined benefit plan.
Chuck Laird, team leader human resources administrative services said the study, done by Callan Associates, was part of standard strategic planning. The trust committee will meet in late March to discuss the review and decide if any changes will be made.
Mount Holyoke College
SOUTH HADLEY, Mass. - Mount Holyoke College is considering a broad range of investment opportunities for its $283 million endowment fund, said Janice Albano, director of treasury operations.
The college has $50 million to invest that was in a hedge fund run by Odyssey Partners, which was liquidated in January. Of that, $10 million already has been placed with existing manager The Common Fund for its new venture capital partnership. Ms. Albano said the fund plans to hire new managers but added it was too early to discuss specific asset classes. She also expected to move some of the money to existing emerging market and international money managers. All of the money should be reallocated by April, she said.
Cambridge Associates is assisting.
ARLINGTON, Va. - The $800 million Arlington County Retirement System could be searching for managers in the next several months.
The searches will come as a result of optimization of the fund's asset allocation and a restructuring of the fund's domestic stock portfolio, said Bruce O. Kallos, administrator.
Those tasks are the first to be performed by the fund's new consultant, Ashford Capital Management. Ashford replaces SEI Capital Resources.
The fund has nine investment managers and two real estate managers.
San Antonio City
SAN ANTONIO, Texas - The San Antonio City Public Service pension fund is in the preliminary stages of adding a domestic aggressive income/value equities manager, said a fund official who asked not to be named.
Executives of the $515 million fund have not yet settled other issues, such as the size of the portfolio or who might be considered for it. The fund's consultant, Smith Barney is handling all inquiries.
CLEMSON, S.C. - Clemson University will be examining its $100 million endowment's fixed-income investments, said Dot Burchfield, director.
The university has 26%of assets in fixed income with Montag and Caldwell. The investment committee will discuss overall asset allocation at its April meeting. Any manager hirings likely will take place within the next year or so, Ms. Burchfield said.
Callan Associates is assisting.