Knoxville (Tenn.) City Employees Pension Fund hired Summit Strategies as its consultant, effective Oct. 1, replacing Mercer, which has been the $450 million plans consultant since the mid-1970s. The termination was due to personnel turnover at Mercer and the closure of its Richmond, Va., office, said Mike Cherry, executive director. Summit will conduct an asset-liability study and most likely an asset-allocation study.
The plan also indefinitely postponed its invitation-only search for a new active large-cap value domestic equity manager to run up to $75 million, pending the results of the studies. STI Capital was terminated from its $75 million portfolio in late June; the money is currently in a State Street Global S&P 500 index fund.