Searches and Hires

Austin City Employees taps RVK as new consultant

Austin (Texas) City Employees' Retirement System hired RVK as investment consultant, said David T. Veal, chief investment officer of the $2.2 billion pension fund.

RVK replaces Summit Strategies Group, which had been the pension fund's investment consultant since 1999.

An RFP was issued in September. Summit rebid. Callan Associates was the other finalist along with RVK.

"Among the key factors that contributed to (RVK's selection) were governance, alignment, resources, experience with public pension plans, as well as the strength and cohesiveness of the proposed consulting team," according to an announcement on the pension fund's website.

According to its website, the pension fund has an asset allocation of 30% each U.S. equity and international equity, 24.5% fixed income, 10% alternatives and 5.5% real estate.