The $1.8 billion Boston City Retirement System is in the midst of a search for a real estate separate account manager to handle a portfolio of at least $100 million, according to Michael Travaglini, executive officer. Some 23 firms responded to a request for information, including a few managers of Boston's 10 commingled funds that either have matured or will mature soon.
Finalists have not yet been chosen, but a decision is expected in late August. Callan is assisting.
Funding will come from a reduction in equity and fixed income to reach target allocations. Fixed income is at more than 30% but should be at 27%; equity is at 62% but should be at 60%. Real estate is at 2%; the target is 10%.