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The city’s deferred compensation plan currently has three investment consultants.
Avance Investment Management has hired Mark DeVincentis as a partner and head of capital formation and investor relations.
The municipality expects to award a contract within 45 calendar days.
The plan’s incumbent was rehired in 2015 following a similar RFP process.
The retirement system conducted a similar search in 2016 when it rehired its incumbent manager.
The retirement system added three private commitments at its board meeting last week.
The plan hired a manager to implement its maiden 3% target to private debt as part of a new asset allocation policy in March.
The plan launched a search earlier in April due to the incumbent’s upcoming contract expiration.
The district received four proposals in response to its investment advisor RFQ.
The plan is seeking buyout, growth equity and venture capital strategies.