Metropolitan Government of Nashville (Tenn.) and Davidson County Employee Benefit Trust Fund hired Summit Strategies as general consultant, pending contract negotiations, confirmed Fadi BouSamra, chief investment officer of the $1.8 billion fund.
Summit succeeds Segal Advisors, whose five-year contract with the fund expired in October. Segal was invited to rebid. The new contract also is for five years, Mr. BouSamra wrote in an e-mail response to questions.
“We were looking for an independent firm that had the research and capacity to support us going forward, and we think we found a good match,” Mr. BouSamra wrote.
Separately, Mr. BouSamra wrote that the system is continuing its work on developing a custom hedge fund program, adding that it still is uncertain when an RFP will be issued. The system's first hedge fund allocation is expected to make up 10% of the overall portfolio.