US - The US$10.6bn New Mexico Public Employees Retirement Association (NM PERA) has tendered for actuarial services as it looks to diversify its portfolio to include alternative investments.
NM PERA director of investments Robert Gish told Global Pensions: “As of this date, with the exception of whether or not you consider high-yield bonds as an alternative investment or not, NM PERA has not invested in any alternative investments, and this mandate provided the opportunity to broaden the fund’s scope of services to include alternative investments.”
Gish said the mandate would include the broader scope of requesting consulting services for alternative investments as well as traditional assets, and also provided for the possible hiring of consultants who specialised in one alternative asset class, such as real estate.
Callan Associates was the current investment consultant for the fund, and Gish said the decision to re-tender had not been related to any performance issues, but rather legislative ones.
“NM PERA had been limited under former statutes to a four-year contract, and although we are not subject to this limitation today, the board thought it would be a good idea to issue a new request for proposal because when the last was issued four and a half years ago, there such a limitation.” The deadline for proposals is April 14, 2006, with evaluations set to commence on April 17.
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