RFP – EMERGING MARKETS INVESTMENT MANAGEMENT
CLOSED
Request for proposals (RFP) – active emerging markets equity investment management services
The Los Angeles County Employees Retirement Association (LACERA), a $36.6 billion public fund, is evaluating the capabilities of investment management firms which offer portfolio management services for active emerging markets equity strategies. LACERA’s Board of Investments has established the following minimum qualifications for this evaluation:
Minimum Qualifications
(All returns must be verifiable. Managers with unverifiable returns will be disqualified.)
- As of December 31, 2011, the investment manager must have a minimum of $600 million in total assets under management in the proposed product;
- The proposed product must have at minimum a seven-year performance history as of December 31, 2011; and
- At least sixty percent (60%) of the proposed product’s quarterly rolling one-year excess returns over the last seven years ended December 31, 2011 (15 of 25 observations) must exceed the MSCI Emerging Markets (Net) Index by at least 50 basis points, net of fees.
Additionally, LACERA's Investment Policy Statement requires that its Investment Managers be SEC-Registered Investment Advisors under the Investment Advisers Act of 1940 unless the manager is exempt from registration due to its status as a bank or insurance company. LACERA requires that the firm must conform to Global Investment Performance Standards (GIPS) for performance reporting.
Submission Requirements
If your firm is interested in participating in this evaluation, please submit five (5) copies, spiral bound (no hard binders or marketing materials) of your written response (maximum 50 pages, one sided, 12 point font size), and one (1) electronic copy (using Microsoft Word or PDF), on a CD-R (recordable compact disc) to:
- Mr. Dale Johnson
- Senior Investment Analyst — Equities
- LACERA
- 300 North Lake Avenue, Suite 850
- Pasadena, CA 91101
In addition, please send one unbound copy, and one CD-R, each marked “REDACTED” to Mr. Johnson. The redacted copies should exclude all material from your proposal that you believe in good faith is exempt from disclosure under the California Public Records Act, Cal. Government Code section 6250 et seq. Redactions should appear as blacked out material or blank page(s) with the word “REDACTED” or “PROPRIETARY” inserted. Please also indicate the basis for the redaction under the Act. Please see the section “NOTICE TO RESPONDENTS REGARDING THE PUBLIC RECORDS ACT” for further information.
DEADLINE
Completed responses must be received no later than 3:00 p.m. (Pacific Time), February 15, 2012. Responses received after the specified deadline may be considered for evaluation solely at the discretion of LACERA.
Additional Information
Please note that during this evaluation process LACERA staff will, respectfully, not answer any questions related to the RFP. If a question appears unclear to you, please state your interpretation of the question and answer it accordingly. Additionally, respondents are requested not to contact LACERA personnel for meetings, conferences, or discussions related to this RFP.
Thank you for your interest in providing investment management services to LACERA.
RFp
RFP: Active Emerging Markets Equity Investment Management Services
1/18/12