Washington County Employees Retirement Plan, Hagerstown, Md., is searching for a discretionary investment manager to run the entire portfolio, confirmed Debra Murray, finance director for the county.
Incumbent PNC Bank is invited to rebid. The county's policy is to issue an RFP every five years, Ms. Murray said.
The selected firm will serve as a full discretionary manager for the $75 million pension fund, as well as for the $6.2 million Length of Service Awards Program, a DB plan for volunteer fire and rescue personnel. The firm will have full discretionary authority to invest within the plans' investment policy.
The allowable ranges for asset classes are domestic large-cap equity, 25% to 45%; domestic small-cap equity, zero to 15%; international equity, 5% to 20%; REITs, zero to 10%; investment-grade bonds, 5% to 30%; high-yield bonds, zero to 15%; and money market, zero to 10%.
The RFP is available on the county's website. Proposals are due at 4 p.m. EST Nov. 27. A hiring decision is expected within 45 days of the due date.