Alexandria, Va., is searching for a global and international fixed-income investment manager to run up to $3 million for its $24 million post-employment benefit trust.
Steven Bland, the city's retirement administrator and chief investment officer, said in an interview that the trust currently invests 20% of assets in domestic fixed income through Pacific Investment Management Co.'s Total Return Fund, but “depending on what we see,” will shift some assets to global or international strategies.
Funding comes from rebalancing.
Dahab Associates, the pension fund's investment consultant, will evaluate the proposals and make recommendations to Alexandria, which does not have a deadline for making a final selection. Steven Roth, director of manager research at Dahab, said both currency hedged and unhedged products will be considered.
“There are two schools of thought on that, whether to hedge out the currency exposure, (while) others prefer to take that risk,” Mr. Roth said.
Proposals are due by 5 p.m. EDT on Oct. 24. The RFP is available on Dahab's website.
