Lehigh and Northampton Transportation Authority, Allentown, Pa., hired Peirce Park Group as investment consultant of its two pension plans, confirmed Melissa M. Gemelli, assistant executive director-finance/administration.
The transportation authority issued an RFP in November for a consultant for its union and non-union plans, with combined assets of $11 million.
Incumbent consultant Wells Fargo Bank rebid and was a finalist, along with Cornerstone Advisors, Courtney Investment Consulting Group and PFM Asset Management.
The transportation authority put the job out to bid because Wells Fargo was investment consultant and trustee, and authority officials wanted to explore the possibility of separating the roles, Ms. Gemelli said. Wells Fargo remains trustee.
