Watertown (Mass.) Contributory Retirement System is searching for a manager or managers of diversified core-plus real estate investment funds to run up to $5 million.
Both open- and closed-end funds will be considered. Proposed strategies should be diversified by location and sector.
Fiduciary Investment Advisors, investment consultant to the $162 million defined benefit plan, is assisting with the search.
The board is conducting the search to diversify the portfolio's current real estate allocation with a complementary mandate, said Maura K. Goulart, director of client services at Fiduciary Investment Advisors. A source for funding has yet to be determined.
The RFP is available on Fiduciary Investment Advisors' website. Proposals are due by 4 p.m. EDT on Oct. 2. A decision is likely by the end of the year, said Ms. Goulart.