New Orleans City Employees’ Retirement System will search for an investment consultant within the next couple of months, said Jesse Evans Jr., director of the $312 million retirement plan.
The pension fund is conducting the search as a due diligence measure, Mr. Evans said in a telephone interview.
The incumbent, Morgan Stanley Smith Barney, has been with the pension fund since 1994 and Mr. Evans believes the system has not issued an RFP since that time. MSSB is invited to rebid.
An RFP will be posted on the system’s website in March or April, according to Mr. Evans.
Separately, the system will conduct a review of hedge funds at its March 12 investment committee meeting. Searches might occur as a result of the review. Mr. Evans said the system has hedge fund-of-funds managers and also makes direct investments in hedge funds.
An investment summary report as of June 30 listed Archery Capital, Broadmarket Funds, Deutsche Bank, K2 Advisors, Hatteras, Meridian, Ocean Partners, Select Invest, Silver Creek and Societe Generale managing a total of $37.7 million.
The system has a target allocation of 5% to 15% to alternative investments, which includes hedge funds and private equity. As of June 30, the actual allocation was 15.1%.