New Mexico Educational Retirement Board, Santa Fe, plans to launch an RFP for general investment consultant later this month, said Bob Jacksha, chief investment officer for the $10.2 billion pension fund, in an e-mail.
Separately, the investment council at its May 23 meeting hired Neuberger Berman to manage a $375 million emerging markets equities portfolio, Mondrian Investment Partners to run $300 million in an emerging markets small-cap equities and BlackRock to manage about $265 million in an EAFE index allocation.
BlackRock replaces active managers AllianceBernstein, which managed $117 million, and Baring Asset Management, which managed $130 million in an EAFE index portfolio. The investment committee made the switch because it decided to index most of its EAFE assets. Pyramis Global Advisors still manages $258 million in an active core strategy.
Neuberger Berman and Mondrian replace AllianceBernstein, which managed $580 million in emerging markets.
The fund returned 3.9% for the quarter and 10.2% for the year ended March 31. The best-performing asset class for the quarter was U.S. equity at 10.7%. The worst-performing asset class for the quarter was emerging markets equity at -2.7%.
For the year, the best-performing asset class was real estate at 15.2%, and the worst was real assets at -3.8%. (The board’s real-assets portfolio does not include real estate. It does include timber, agriculture, mitigation banking and infrastructure.)