Worcester (Mass.) Retirement System is looking to allocate a total of about $240 million across six passive index mandates.
Meketa Investment Group, investment consultant to the $1.1 billion defined benefit plan, is assisting with the search.
Broken down, the pension fund is looking to allocate $70 million to an international developed markets equities fund benchmarked against the MSCI EAFE index; $45 million each to domestic large-cap growth, value and core equities funds benchmarked against the Russell 1000 Growth, Russell 1000 Value and S&P 500 indexes, respectively; $20 million to a domestic small-cap core equities fund benchmarked against the Russell 2000; and $15 million to a domestic midcap core equities fund benchmarked against the S&P 400.
The most recent quarterly report on the retirement system's website lists State Street Global Advisors as manager for the international developed markets equities, domestic large-cap growth, value and core equities, and domestic midcap core equities index funds. Although Lee Munder Capital is the pension plan's U.S. small-cap value index manager, a domestic small-cap core mandate is not listed in the report.
Respondents must be in operation for at least three years and have at least $500 million in total assets under management. Preference will be given to managers that can provide all strategies, but bids for individual mandates will be considered.
The RFP is available on Meketa's website. Proposals are due 3 p.m. EDT on June 23. A selection date was not disclosed.
Lisa Poske, executive secretary, and Stephen MacLellan, Meketa managing principal, could not be immediately reached for additional information.