San Jose (Calif.) Federated City Employees Retirement System issued an RFP for strategic/discretionary CIO services, confirmed Ron Kumar, investment officer for the pension fund.
An RFI for the same services was issued in June as the first step in the board's efforts to gain a better understanding of discretionary CIO services. The $2 billion pension fund has been without a chief investment officer since Carmen Racy-Choy resigned in July 2012. There is currently an ongoing search for a CIO.
The selected firm is expected to serve as an additional investment adviser to the whole portfolio and “integrate itself into the organizational and decision-making structure of the system,” according to the RFP. The pension fund expects the strategic/discretionary CIO to have a “considerable on-site presence” and work collaboratively with the CIO and investment staff.
The firm could receive discretion for investment over a portion of the assets, but it is not guaranteed and would be decided by the board.
The RFP is available on BidSync, a procurement website. Proposals are due at 4 p.m. PST Jan. 7. A hiring date has not been determined.