San Jose (Calif.) Federated City Employees Retirement System issued an RFI on Wednesday for strategic/discretionary CIO services.
The RFI is the first step in the board's efforts to gain a better understanding of discretionary CIO services. An RFP will be issued at a later, undetermined date.
“At the present time, the board can only state that it seeks the services of an investment advisory firm that would provide the board with strategic investment advice, typically to include some level of investment discretion,” according to the RFI.
The $1.95 billion pension fund has been without a chief investment officer since Carmen Racy-Choy resigned last July.
Meketa Investment Group is the current investment consultant, and Albourne Partners is the hedge fund consultant. The pension fund has a target asset allocation of 45% equity and real estate, 25% absolute return, 20% real assets and 10% fixed income.
The RFI announcement is on the pension fund's website. The entire RFI can be obtained by e-mailing Michael Long, vice president of Cortex Applied Research, at [email protected]. Cortex is assisting in administering the RFI. Proposals are due July 9.
Roberto Pena, director of retirement services, did not return a telephone call by press time.