US - The $8.9bn Ohio Police and Fire (OP&F) Pension Fund is putting a global emerging markets equity mandate worth a total of $165m out to tender.
The OP&F said that it will select one or more managers to run the mandate, and that the search will close on November 16, 2001. The fund expects to have a manager in place early in the second quarter of 2002.
The minimum qualifications for interested candidates include, but are not limited to: a three-year performance history in the subject product as of September 30, 2001; at least $500m in institutional global emerging markets assets under management in the subject product as of September 30, 2001; and at least three tax-exempt institutional clients in the subject product as of September 30, 2001.
Additionally, the OP&F is set to close its search for a new actuary at the start of November. The fund hopes to have a new actuary in place by the end of the year. The fund is looking for a new actuary following the acquisition of Watson Wyatt's US public sector retirement practice by Gabriel, Roeder, Smith & Company (GRS). Watson Wyatt had been the fund's actuary for the past 24 years.
Created in 1965, the OP&F is one of five state pension funds in Ohio and serves over 50,000 members. With the exception of fixed income, all of the OP&F's assets are run by external managers. The fund's target asset allocation is 46% to US equity, 17% to international developed markets equity, 3% to emerging markets equity, 18% to US fixed income, 8% to real estate, 5% to high yield, and 3% to private equity.
By Geoffrey Ho
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