Aurora (Colo.) General Employees' Retirement Plan is looking for a new global custodian and will issue an RFP for an investment consultant next year, according to recently released minutes of the Nov. 21 board meeting.
Callan Associates will assist in the search to replace State Street as global custodian. Thomas Connell, Aurora's administrator, told the board there have been “consistent delays in posting transactions, correcting errors and sweeping uninvested cash into the short-term investment fund,” according to the minutes. Further information about the search was not provided.
Separately, the board extended Callan's contract by one year. It was slated to expire at the end of 2013. The $376 million pension plan will issue an RFP next year. Callan is invited to rebid.
Also, the pension fund committed an additional $6 million to Heitman America Real Estate Trust. It had about $11.5 million invested in the strategy, as of Dec. 31. The additional commitment was the result of increasing the real estate allocation to 10% from 9% after an asset-liability study in September.
Mr. Connell did not return a telephone call by press time for additional information.