Brockton (Mass.) Contributory Retirement System is searching for an investment consultant, confirmed Harold Hanna, executive director.
The $329 million pension fund is considering proposals for traditional or full discretionary services. The board would retain asset allocation decisions if it elects to move to a discretionary consultant, Mr. Hanna said.
“We want to see what it's like, what services are provided and how comfortable we feel handing over day-to-day investment decisions,” Mr. Hanna said in an interview. The Massachusetts Public Employee Retirement Administration Commission would have to approve a move to a full discretionary consultant, he added.
Incumbent NEPC is invited to rebid. Its contract expires Dec. 31.
The RFP is available on PERAC's website. Proposals are due at 3 p.m. EDT Nov. 1. A hiring decision could be made in December.
Separately, the pension fund hired Western Asset Management Co. to run about $10 million in local currency emerging markets debt, pending contract negotiations. It is a new allocation for the pension fund. Information about funding could not be learned by press time.
An RFP was issued in April.