Massachusetts Pension Reserves Investment Management Board, Boston, on Tuesday approved issuing RFPs next week for targeted consulting services and a risk management system.
The $48.3 billion system fund will issue an RFP for asset allocation consulting services on Feb. 7, with responses due by March 3. Depending on the results, those asset allocation services could be taken from the fund’s general consultant, Hewitt EnnisKnupp, which currently handles those duties.
According to materials prepared for Tuesday’s board meeting, PRIM staff members recommend “testing the marketplace for a stand-alone asset allocation consultant to take into account the dynamic nature of the current investment landscape.” Citing recently proposed state pension reform legislation, PRIM staff called for a comprehensive asset allocation review in 2011.
Also on Feb. 7, PRIM will issue an RFP for a consultant to advise the fund on developing and implementing a pilot direct hedge fund program within the fund’s current hedge fund allocation. Responses are due March 2.
A third RFP will be issued Feb. 7 for a risk-management system, with responses due March 4.