Milwaukee City Employes' Retirement System is searching for its first global fixed-income manager, to run about $200 million, according to Tom Rick, chief investment officer.
Mercer, the $4.1 billion system's consultant, will conduct the search, identifying prospective managers and making recommendations to trustees. The system won't issue an RFP, Mr. Rick said in a statement in response to an inquiry. Managers also may contact Mercer to apply for the search, Mr. Rick said.
The system's investment committee hasn't decided whether the new portfolio would be for a core or other strategy.
System officials want to diversify the system's fixed-income allocation, which totaled $1.1 billion as of March 31, he said. The funding source hasn't been determined.
The investment committee could make a selection July 22 to recommend to the board, Mr. Rick said.
