Tennessee Consolidated Retirement System, Nashville, plans to issue an RFP for an investment consultant before the end of the year, said Tom Milne, CIO. Officials at the $25.7 billion system were awaiting results of an SEC investigation of consultants' relationships with investment advisers, but Mr. Milne noted he "has not heard much" about the probe recently. The contract of current consultant Callan expires in the first quarter of 2005. Mr. Milne said the system might issue an RFP and wait to make a selection until findings of the SEC's investigation are available. Callan can rebid.
Callan acknowledged earlier this year that it received an SEC inquiry into its consulting practices. Lori Richards, director of the SEC office of compliance inspections and examinations, did not return a call by press time regarding the investigation.
