San Jose (Calif.) Police & Fire Department Retirement Plan hired Meketa Investment Group as its general investment consultant, shows minutes for the Feb. 2 board meeting.
Meketa will replace NEPC, which had held the contract since 2008 and rebid for the services. An RFP was issued in May 2015, and the investment staff recommended at a Feb. 4, 2016, meeting that investment consultant Verus Advisory be chosen as the $3 billion pension fund's general investment consultant. The board, however, at that meeting extended NEPC's contract for a year, minutes show.
Verus was subsequently hired to provide risk advisory and risk measurement services.
Meketa is already the general investment consultant for the $1.9 billion San Jose Federated City Employees Retirement System. Both retirement systems share investment staffs.
A Jan. 17 staff memo from Arn Andrews, chief investment officer, said Meketa “would bring the most value to the investment program. In addition to Meketa's value proposition as a general consultant, the investment program would benefit from the synergies and efficiencies which would result from the retention of a single general consultant.”
The board, the minutes show, rejected an option to keep NEPC on as a strategic adviser for the board. NEPC's contract term expires at the end of February.
Pension fund officials were not immediately available for comment.