Montgomery County Employees searches for transition manager

Montgomery County Employees' Retirement System, Norristown, Pa., is searching for at least one transition manager, according to an RFP on the county's website.

The $430 million pension fund is seeking at least one firm to provide transition management services for its move to outsourced investment managers SEI Investments (SEIC) and Vanguard Group.

The two firms were hired in December. They are the first outsourced investment managers for the pension fund following the adoption of a new investment policy that gives the firms fiduciary responsibilities.

The pension fund's investment consultant had been Cornerstone Advisors Asset Management.

A copy of the RFP can be requested from the county's website. Proposals are due at 2 p.m. EST on Feb. 15. A timetable for a decision could not be learned by press time.

Uri Monson, county chief financial officer, did not return a phone call by press time.