US - The US$181bn California Public Employees Retirement System (CalPERS) has tendered for experienced and emerging active environmental equity managers to form four pools the fund will tap into for US and EAFE environmental equity mandates.
The selected firms will form part of four spring-fed pools of managers - two consisting of the experienced managers and two of the emerging managers - who will provide active public market environmental equity services for US environmental equities and EAFE developed markets ex-US environmental equities.
“The California Public Employees’ Retirement System (CalPERS) seeks to augment its total portfolio returns through the use of active US and international (EAFE, developed markets ex-US) environmental public equity market management strategies,” the fund said.
“Firms with environmental strategies, socially responsible investing (SRI) strategies with an environmental component and sustainability investing strategies are eligible for this search and encouraged to apply.”
CalPERS said it was looking for firms that could add value in environmental investing over the “appropriate benchmark”.
The four manager pools will be selected for a five year term but CalPERS said it was possible that some firms in each pool would not receive contracts and would not be funded during that time. Any contract awarded to a manager in the pool would be subject to an annual review process.
The fund’s investment committee will approve the firms selected for the pools. Deadline for tender is July 7.
The fund is also seeking a portfolio manager for its corporate governance programme. The selected manager will develop and implement corporate governance policy initiatives for CalPERS, reporting to the senior investment officer for global equities.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.