Delray Beach (Fla.) Police and Firefighters' Retirement Fund accepted the resignation of Smith Barney as its consultant, said Anne Woods, pension administrator. Smith Barney gave no reason for the resignation. The $110 million fund has been conducting an audit of Smith Barney to evaluate its processes, policies, methods of compensation, and conflicts of interest in its consulting work for the fund. Ms. Woods said the audit will continue despite the resignation.
Katrina Clay, Smith Barney spokeswoman, said officials would have no comment.
The fund's board already issued an RFP for a consultant that is not affiliated with a brokerage firm. The RFP is available from Pension Resource Center, the fund's financial administrator. Proposals are due Sept. 15, Ms. Woods said. She said the board could make a decision on the selection of consultant in November.