Missouri Local Government Employees' Retirement System, Jefferson City, will be searching for an investment consultant within the next two to four months. Previous consultant Summit Strategies resigned last month through an agreement with the $2.8 billion fund, said Bill Schwartz, executive director. Bob Ashcroft, chairman of the investment committee, would not comment on why the pension fund parted ways with Summit other than to say, "We feel as though it's time to move in a new direction." Mr. Schwartz said the agreement with Summit caught him "totally off guard."
Custodian Northern Trust will review the pension fund's investment policy and asset allocation for the time being. The retirement system currently has no searches planned, Mr. Schwartz said. The fund's asset allocation is 60% equity and 40% fixed income.
Mark Caplinger, consultant with Summit Strategies, did not return a call seeking comment by press time.
