US - The $23bn Arizona State Retirement System (ASRS) is planning a search for four managers to run approximately $9bn in large cap mandates.
Paul Matson, chief investment manager of the fund, said that the search would take place in mid 2002 and that the mandates up for tender would cover all investment styles. Matson explained that the large cap mandate searches were not manager related, rather ASRS internal policy dictates that approximately one third of the fund is put out tender every year.
The fund is also set to conclude its review of its small and mid-cap managers, Matson said. The ASRS hopes to have the small and mid-cap reviews concluded by mid October and November, respectively. William M Mercer is the fund's investment consultant.
Additionally, Matson also revealed that Secured Capital, the New York based real estate investment bank, had been chosen to help the fund dispose of its entire $200m mortgage portfolio.
The ASRS is also still in the process of deciding upon a new actuary, an appointment that should have been made at the June 14 board meeting. Although Matson declined to comment on all the reasons for the delay, he did say that one factor was the deal between Gabriel, Roeder, Smith & Company (GRS) and the current ASRS actuary, Watson Wyatt.
Last month, GRS announced that it had acquired Watson Wyatt's US-based public sector retirement practice. Approximately 120 of Watson Wyatt's US public retirement fund clients, including the ASRS and the Ohio Police & Fire pension fund, were transferred to GRS as a result of the deal.
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