Malden (Mass.) Retirement System is searching for an investment manager to run the defined benefit plan's $290 million balanced portfolio with a "well diversified" allocation.
The search is being conducted to comply with state law, said James M. Ryan, retirement director. The de Burlo Group is the plan's current investment manager and is invited to rebid.
The manager will handles accounts from $50 million to $350 million through separate accounts, not commingled vehicles.
The RFP is available by emailing Mr. Ryan. Proposals are due by 4 p.m. EST on Nov. 15. A selection is expected to be made by Jan. 23.
As of May 31, 2017, the pension fund had an allocation of 66% stocks, 32% bonds and 2% cash, according to the most recent appraisal summary report on the town's website.