Search activity for the third quarter of 2022 decreased 0.9% from the prior quarter. The number of defined contribution searches decreased to two from 13 for the quarter. The number of service provider searches increased by 20% to 66, with 36 out of 66 searches for consultants and sixteen for record keepers. The traditional manager searches increased by 4%, and the number of fixed-income searches decreased to four from seven in the prior quarter.
Boston Retirement System launched four alternative RFPs seeking commitments to real estate, real assets and private equity funds. CalPERS and Connecticut Retirement Plans & Trust Funds also launched four investment consultant searches, followed by three from Employees’ Retirement System of the State of Hawaii.
Notable activity for the quarter included ACCESS’ two real estate searches totaling $1.74 billion. ACCESS, A Collaboration of Central, Eastern and Southern Shires, manages $41.4 billion in pooled pension assets on behalf of 11 local UK government authorities. The global real estate fund-of-funds manager and U.K. core direct real estate manager will manage two portfolios of roughly $562 million and $1.18 billion, respectively.
Ircantec issued $1.1 billion in searches for green bond and social bond managers. Teachers’ Retirement System of the State of Illinois launched a $400 million search for active emerging market equity managers to manage broad emerging market strategies outside of China and India. The new managers would assign country-specific allocations based on conviction and fit, with each position’s sizing between $50 million and $150 million.
All information is based on transactions reported by Pensions & Investments’ global reporting staff.