Searches and Hires

Jacksonville City Retirement System casts net for investment consultant

Jacksonville (Fla.) City Retirement System is searching for an investment consultant, said Joey Greive, city treasurer, in an email.

The $2.4 billion pension fund issued an RFP because the public pension fund business of its current consultant, Summit Strategies Group, is being purchased by AndCo Consulting. That transaction is expected to close in mid-October. AndCo Consulting is eligible to bid. The consulting role will remain vacant until a decision is reached; Mr. Greive said two CFA charterholders on staff will cover any responsibilities in the interim.

As of July 31, the actual allocation of the pension fund was 27.1% domestic large-cap equities, 23.2% international equities, 17.7% fixed income, 15.2% real estate, 9.8% domestic small-cap equities, 6.6% diversifying assets and 0.4% cash.

Targets allocations are 22% domestic large-cap equities; 20% each fixed income and international equities; 15% each diversifying assets and real estate; and 8% domestic small-cap equities.

The RFP is available on the city of Jacksonville's procurement division website. Proposals are due at 2 p.m. EDT on Oct. 15. Mr. Greive said retirement system executives hope to have a new consultant in place by the end of the year.