Ohio's $650m (£458.5m) State Highway Patrol Retirement System (HPRS) might issue new mandates later this year after an asset allocation study.
The HPRS will conduct an asset allocation study in the third quarter and according to Dick Curtis, the fund's executive director, the fund will only issue new mandates after this study is completed.
Callan Associates is assisting the fund with the study.
Additionally, Curtis revealed that the HPRS will appoint a new broker for the funds 15 asset managers by the end of June. Currently, the fund is using a commission recapture program for its US equity managers. The new appointment will replace that program.
The HPRS has closed its search for a new broker and the fund has certain criteria for the brokers looking to be selected. The current commission recapture program offers a 50% rebate on $.05 and $.06 share trading costs. Bids from new brokers must be below the rate of $.025 per share.
The selected broker must demonstrate standing in the brokerage marketplace by submitting third-party audit information detailing trade efficiency performance at least in the upper quartile of brokers. The broker must also submit evidence of compliance with all appropriate licensing requirements. Callan is also advising the fund on broker selection and will do due diligence work for the HPRS.
By Geoffrey Ho
Royal London saw its new group pension business decline over the first half of 2018 as the rollout of auto-enrolment (AE) drew to a close, according to its interim results.
Now Pensions has made "huge progress" in resolving legacy administration issues - switching systems and completing unit adjustment for a "large proportion" of members, it says.
Trustees of the Airways Pension Scheme (APS) will not make a firm decision on whether to appeal the Court of Appeal's judgment on discretionary increase payments until September.
Accountant Hashmukh Shah has pleaded guilty to deliberately providing false information to The Pensions Regulator (TPR) when stating a pension scheme had been set up for staff of a London-based restaurant.