Frederick, Md., issued an RFQ for an investment consultant for the city's three defined benefit plans with a total of $102 million in assets, confirmed Kandi Fullerton, city purchasing manager.
Aetna Life Insurance currently serves as independent discretionary manager for the plans, but the city is considering using an investment consultant to assist in managing the pension assets.
The consultant would assist in the formulation and implementation of an investment policy and make recommendations on asset allocation and manager selection, among other duties, according to the RFQ.
The city will select a shortlist of up to three candidates and provide those firms with an RFP. A final hiring date has not been determined yet.
The RFQ is available on the city's purchasing department website at www.cityoffrederick.com/bids.aspx?bidID=33.
Responses are due at 3 p.m. EST Nov. 16.