Searches and Hires

Mississippi Public Employees plans actuary search, commits to Invesco real estate fund

Mississippi Public Employees' Retirement System, Jackson, will begin a search in October for an actuarial consultant, recently released board meeting minutes said.

The $26.9 billion pension fund's board approved the search at its June 27 meeting. The pension fund will issue an RFP on Oct. 2 because its contract with current consultant Cavanaugh Macdonald Consulting will expire on June 30, 2018. Whether the firm is eligible to rebid could not be immediately learned.

Proposals will be due on Dec. 8, with a selection expected on Feb. 27, 2018. The RFP will be available on PERS' website.

Separately, the pension fund committed up to $75 million to Invesco (IVZ) U.S. Value-Add Fund V, a real estate fund.

The pension fund previously made a commitment to Invesco U.S. Value-Add Fund IV.

Also, at the meeting, the board approved changing the structure of the pension fund's 10% target to real estate, eliminating timber as 10% of the real estate portfolio, or 1% of the total fund, reallocating that amount to core real estate. The structure within real estate is now 70% core (up from 60%), and 15% each real estate investment trusts and value-added real estate.

The reason for the change was not provided. The pension fund's lone timber manager is Hancock Timber Resource Group. The size of the portfolio could not be immediately determined.

Also, the board placed UBS Realty Investors on watch for performance for the UBS Trumbull Property Fund, a core real estate fund. The size of the portfolio could not be immediately learned. Sheryl Lee, UBS spokeswoman, declined to comment.

Lorrie Tingle, chief investment officer of the pension fund, could not be immediately reached to provide further information.