Austin (Texas) Police Retirement System hired Consulting Services Group as investment consultant, replacing Monroe Vos Consulting Group, according to Sampson Jordan, pension administrator. The $348 million system and Monroe Vos mutually agreed at the end of last year to sever ties, he said.
The new consultant's first order of business will likely be an asset allocation review. "We need to know what the trend might be, with energy prices high and inflationary pressures" on the rise, Mr. Jordan said. The system has a 25% allocation to real estate and while returns remain strong, concern about real estate is growing, he added.
The system also has 25% of assets in global equities, 17.5% to U.S. equities, 10% each to natural resources and emerging market debt and equity, 5% to domestic fixed income, 5% to an energy hedge fund and 2.5% to commodities.