RFPQ for Small Cap Core Ex-US Equity

Background
The Employees Retirement System of the City of St. Louis is seeking qualified investment managers to provide active non-U.S. Small Cap Core Equity Investment Management Services for its Plan, which has a combined market value of approximately $900 million.

The Board employs a multiple manager approach to investment and is looking for an active manager to manage an initial portfolio estimated at approximately $26 million.

Work Details
The selected firm must meet several criteria: be registered as an investment adviser under the Federal Investment Advisers Act or be a bank; offer commingled or mutual funds (no separately managed accounts); focus on small cap strategies with weighted average market caps not exceeding $4 billion; provide active strategies only, benchmarking against either the MSCI EAFE Small Cap Index or the MSCI ACWI ex-USA Small Cap Index; have a minimum live track record of seven years as of March 31, 2025; manage at least $250 million in assets in the proposed product; maintain at least $5 million in Errors & Omissions insurance; and comply with various other requirements including no performance-based fees and obtaining a business license with the City of St. Louis if selected.

Period of Performance
The contract will commence upon selection and is expected to be ongoing, with specific performance metrics evaluated periodically.

Place of Performance
The services will be performed primarily for the Employees Retirement System of the City of St. Louis, with potential implications for operations within St. Louis.

Bidder Requirements
Firms must disclose any gifts or entertainment provided to Board members or staff within the last 12 months, any business relationships with Board members or System staff, and must comply with diversity and anti-discrimination policies.

Additionally, firms must certify their participation in a federal work authorization program and that they are not engaged in a boycott of goods or services from Israel.