The $56bn Ohio Public Employees' Retirement System (OPERS) has put a total of $2.6bn in US equities mandates out to tender, according to the fund's consultant Ennis, Knupp & Associates.
Brady O'Connell, an Ennis, Knupp consultant working for OPERS, said that the fund was looking to hire two to three managers to run a total of $2bn in core large cap equities mandates. The selected managers will be benchmarked to the Russell 1000 index.
Additionally, the fund is searching for two to three fund managers for $600m is small cap core equities mandates. The managers selected for those mandates will be benchmarked to the Russell 2000 index.
The process will close in Q3 and appointments will be made in Q4.
O'Connell also revealed that the fund had decided to increase its alternatives allocation. Over a five to seven year period, the fund will raise the alternative investments allocation from 1% to 5%. The Ennis, Knupp consultant said that the fund was likely to tender new alternatives mandates in the first quarter of 2002.
Ennis Knupp was retained as OPERS consultant, after assisting the fund last year with its comprehensive review of its internal investment department. Independent Fiduciary Services (IFS) also participated in the review.
Ennis Knupp assessed the fund's overall asset allocation, investment strategies, and historical performance within each major asset class. IFS reviewed the fund's internal operations and accounting, staffing, and compensation.
By Geoffrey Ho
Partner Insight: A fiduciary management approach gives trustees a richness of information you can't get with a standard adviser approach, especially in times of market uncertainty, explain Russell Investments' David Rae and Paul Wharton
The PPI has unveiled a policy paper outlining current considerations and policy debates relevant to DC scheme default strategies. Kim Kaveh explores some of its views.
The £30bn local government pension pool has appointed Quoniam and Robeco to manage an active equity portfolio worth around £400m.