Florida State Board of Administration, Tallahassee, plans to search for general consultants before the end of March, said Dennis D. MacKee, communications director.
Contracts of Wilshire Associates and Hewitt EnnisKnupp both expire June 30. The board uses both firms as consultants to the Florida Retirement System’s $122.3 billion defined benefit plan and $5.7 billion 401(a) plan.
Wilshire is used primarily to assist in investment manager searches for public market securities, to monitor FSBA public market managers and to reviews private market funds of funds. Hewitt EnnisKnupp conducts asset/liability and investment policy studies and reviews performance and asset allocation.
Both firms also do special projects for the board.
Mr. MacKee couldn’t say whether the board would search for more than one firm or keep the division in consulting assignments. Those issues could be decided in developing the invitation to negotiate or RFP, he said.
The board, which oversees $147.5 billion in assets, is expected to make a decision on the new consultant hiring by mid-June, he said.
Separately, the board is considering hiring seven hedge funds, possibly committing a total of $825 million, Kevin SigRist, deputy executive director, said Thursday at the FSBA investment advisory council meeting. The board is negotiating contracts with Ramius, a corporate activist fund, as well as a manager each for event-driven merger arbitrage, credit long-short and long-short equity. Also, officials are conducting due diligence, pending board approval on hiring, with three other hedge funds.
FSBA officials won’t disclose the names of the other six funds or the styles of the hedge funds now under due diligence, Mr. MacKee said.