NYLIM Being Considered for Tulare Mandate
Kicks Off A/L Study
August 19, 2008
New York Life Investment Management (NYLIM) has rejoined the search for an enhanced index manager at the Tulare County Employees’ Retirement Association (TCERA), said Dave Kehler, administrator at the $1 billion fund.
“We’re in the midst of a manager search for enhanced index managers,” Kehler said. “The board has added NYLIM back to the list of finalists after receiving a presentation from the manager.”
In April, NYLIM was removed from the group of firms contending for the mandate, which includes INTECH and Quantitative Management Associates (See IMW, 4/28/008).
The portfolio will be $86 million in size.
Meanwhile, TCERA has started it asset/liability study, which was also discussed by the board in April.
“Results are expected at the end of the calendar year,” Kehler said, adding that while changes will likely be made to the fund’s investments. it is too early to speculate which asset classes would be affected.
The fund current invests 25% of its assets in fixed-income, 23% in large-cap equity, 18% in international equity, 14% in small-cap equity, 10% in real estate and 5% each in private equity and hedge funds. Summit Strategies Group advises the California plan.
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