Pennsylvania State Employees' Retirement System, Harrisburg, is searching for passive U.S. Treasury inflation-protected securities managers to run up to $1 billion.
The $33.7 billion pension fund is seeking managers to run passive TIPS portfolios benchmarked to the Bloomberg U.S. TIPS index, according to an RFP posted on the website of investment consultant Callan, which is assisting with the search.
According to the RFP, current TIPS managers, which managed a total of $1 billion as of Dec. 31, are all invited to rebid. According to PennSERS' most recent investment report, the managers were Brown Brothers Harriman (which managed $460 million as of Dec. 31), NISA Investment Advisers ($438 million), and New Century Advisors ($108 million).
The RFP is available on Callan's website. Interested managers must submit information into Callan's database by April 14. Selections will be made beginning in June and into 2024, according to the RFP.
PennSERS spokeswoman Pamela Hile could not be immediately reached for further information.