Lexington-Fayette Urban County Government City Employees' Pension Fund, Lexington, Ky., is searching for an investment consultant or firm to provide chief investment officer services, confirmed Todd Slatin, director of central purchasing.
J.P. Morgan Asset Management is consultant and custodian. It is invited to rebid. JPMAM has provided consulting services since “at least the 1970s” and the board thought it was in the “best interest to put something out and see what options are available,” Mr. Slatin said in a telephone interview.
Mr. Slatin said the CIO services would be more direct recommendations to the board, as opposed to the current set-up where different options are presented. The board has final approval on investment recommendations. The plan has an asset allocation of about 50% each equities and bonds.
The $29 million plan has been closed to all employees since 1974, with no additional contributions, and the average age of the remaining participants is 81.
The RFP is available on the government's website. Proposals are due at 2 p.m. EDT Aug. 23. A hiring decision is anticipated by the end of September.