Montana Board of Investments, Helena, will search for its first general consultant and expects to issue an RFP this summer, said Carroll South, executive director. Independent Fiduciary Services, which the board of the $6.2 billion fund hired last year to perform a one-time operational review, is helping draft the RFP. Board members have grown increasingly concerned that they don't have all the investment options available to them without input from a consultant, he said, noting the consultant might help the board explore real estate investments, which would be new to the fund.
Separately, the board hired executive search firm Hudepohl & Associates to assist in its search for a permanent CIO, subject to contract finalization, said Mr. South. The new CIO will replace Jim Penner, who retired last summer. Bob Bugni, assistant investment officer, is interim CIO. Geri Burton, deputy director, said the contract will likely be finalized by May 13. The board issued an RFP for an executive search firm earlier this year.