Genessee County Employees' Retirement System, Flint, Mich., is completing a shortlist search for an opportunistic real estate manager to run about $11 million, said Debra Tocarchick, retirement office supervisor. RFPs were issued to 24 firms, said George Vitta, managing director of Asset Strategies Portfolio Services, the $437 million plan's consultant. Finalist interviews have not yet been scheduled, but the new contract is expected to begin July 1, Mr. Vitta said.
Funding will come from reducing a core-plus fixed-income portfolio run by Dreyfus, Ms. Tocarchick said, leaving it with about $109 million. Trustees want to lower the plan's bond exposure in response to falling interest rates, she said.
The plan's new asset allocation will be 52.5% domestic equity; 32.5% fixed income, down from 35%; 10% international equity; and 5% real estate, up from 2.5%.