City of Newark (Del.) plans to name finalists by next week in its search for a consultant for its $27 million pension plan, said Charles Zusag, assistant to the city manager. Carl F. Luft, city manager, will make a recommendation by September to the city council, which is expected to make a selection by October, he said. An asset allocation study is expected once a consultant is hired.
Incumbent Salomon Smith Barney Consulting rebid. Other candidates include SEI Investment Consulting; Frank Russell; Segal Advisors; Pierce Park Group; Legg Mason; Yanni Partners; Mellon Employee Benefit Solutions; Brinker Capital; and Merrill Lynch.
The consultant search was prompted by the retirement of Joe Lembeck, the plan’s consultant at Salomon.
