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 email@example.com or calling 617-730-2028.