Searches And Hires
The search follows discussions on an underperforming incumbent manager.
The plan approved the RFP at its board meeting last week.
The plan is looking for a firm to invest its portfolio assets, develop an investment strategy and policies, recommend investment-related changes and report and evaluate cash flows.
The department has issued an RFP seeking investment consultants to assist with vendor searches, review proposed fund lineups and maintain and practice a formal investment review process for its retirement plan.
The fund is conducting the search due to the Sept. 30 contract expiration of its incumbent manager, which is allowed to rebid.
The plan first hired managers for the asset class in 2015.
The plan will not commit any additional capital to the program due to potential issues, including conflicts of interest and lack of transparency.
The plan committed to new funds with two existing managers.
The plan’s incumbent consultant was first hired in 2015.
The plan recently terminated its risk premia manager due to investment process and performance concerns.
