Fort Myers (Fla.) Firefighters' Retirement System might search for a real estate manager to run up to $4 million, said Debra Emerson, pension specialist. The $40 million plan has never invested in the asset class and would most likely invest in commercial real estate, she said. The board will discuss the matter with consultant Bogdahn Consulting at the June 16 board meeting. Plan officials have not yet determined whether they would issue an RFP or conduct a shortlist search with Bogdahn.
Funding would probably come from reducing fixed-income investments, but no manager would be terminated, Ms. Emerson said. The plan currently allocates 65% of overall assets to equities and 35% to fixed income.
