Minot, N.D., is searching for an outsourced CIO for its pension fund, confirmed Penny Johnson, city treasurer.
Incumbent Bremer Investment Management & Trust is invited to rebid. Its contract expires at the end of the year.
The selected firm will have full discretion on investments for the $57 million pension fund outside of certain criteria put forth by the pension board, Ms. Johnson said.
The pension fund will be closed to new employees on Jan. 1. It currently has an asset allocation of 54% equity, 38% fixed income and 8% alternatives.
The RFP is available on the city's website. Proposals are due at 11 a.m. CDT Sept. 24. Finalist interviews are slated for the week of Oct. 14, with a hiring decision expected on Nov. 4.
