INVESTING/PORTFOLIO STRATEGIES

Brookline, Mass., in hunt for outsourced CIO

Brookline (Mass.) Contributory Retirement System is searching for an outsourced CIO for its pension fund, confirmed Frank Zecha, executive director of the $220 million plan.

The chosen firm will have the fiduciary responsibilities for the fund's overall portfolio outside of the pension fund's $30 million to $40 million invested in private equity.

The search is being conducted in order to maximize returns, lower fees and ensure a more timely process in making changes in the pension fund's asset classes, said Mr. Zecha in a telephone interview.

The pension fund's investment consultant, NEPC, is eligible to bid, Mr. Zecha said.

Proposals are due at 5 p.m. EST on March 4. A timetable for a decision has yet to be determined.

Copies of the RFP can be requested by e-mailing Mr. Zecha at fzecha@brooklinema.gov or calling 617-730-2028.