Searches and Hires

St. Louis Employees looking for investment consultant

St. Louis Employees' Retirement System is searching for an investment consultant, said Rich Olliges, accounting officer.

The $819 million pension fund has issued the RFP because the pension fund's current consultant, Summit Strategies Group, announced earlier this month that it is being purchased by Mercer. As Mercer does not provide general investment consulting services to public pension funds, Summit has recommended AndCo Consulting as a successor firm.

Mr. Olliges said the board at its Monday meeting approved transferring Summit's contract to AndCo when the purchase closes in mid-October until a decision is reached on the RFP; AndCo Consulting is eligible to bid.

As of June 30, the pension fund's actual allocation was 26.3% international equities, 21% fixed income, 20.7% domestic large-cap equities, 10.7% real estate, 9.7% hedge funds, 5.5% each master limited partnerships and domestic non-large-cap equities, and 0.6% cash.

Targets are 25% fixed income, 24% international equities, 19% domestic large-cap equities, 10% each hedge funds and real estate, 7.5% MLPs and 4.5% domestic non-large-cap equities.

The RFP is available on the pension fund's website. Proposals are due at 3 p.m. CDT on Oct. 15. A selection is tentatively scheduled for Dec. 17, with a contract start date of Jan. 2.