Lake Bluff (Ill.) Police Pension Fund is searching for an investment manager to run its assets, confirmed Susan Griffin, village finance director.
The board of the $7 million fund is conducting the search because it has decided to move to a discretionary investment arrangement from a non-discretionary one for which all investment decisions had to be approved by the board, according to Ms. Griffin.
The current manager, Great Lakes Advisors, is invited to rebid.
A PDF copy of the RFP is available from the Lake Bluff website.
Proposals are due at 4:30 p.m. CDT on March 30. Ms. Griffin hopes a new contract can begin in June or July.
No consultant is being used.
The pension fund's current asset allocation is about 47% equities, including real estate investment trusts; 28% cash; and 25% fixed income.