Maryland State Retirement & Pension System, Baltimore, issued an RFP for a general investment consultant for the $43.1 billion pension fund.
Maryland has specialty consultants for private equity, hedge funds and real estate, which the general investment consultant would represent “only in terms of broad oversight and consulting services, market updates and relevant research,” according to the RFP, issued Friday.
The RFP is available on the state's website.
The five-year contract will start July 1 and have two optional one-year renewals.
Hewitt EnnisKnupp has been the investment consultant since July 2007. The current contract runs through June 30 and HEK is eligible to rebid, spokesman Michael Golden said.
Qualified applicants must have a minimum 10 years' experience in public or private pension funds, with at least three years' experience in public funds and funds with at least $10 billion in assets.
In May, the pension fund approved a new asset allocation that increased the absolute-return target to 10% from 7% by decreasing public equities to 35% from 36%; real return, 14% from 15%; and cash, 1% from 2%. The remaining target allocations are 10% private equity, 10% real estate, 10% fixed income and 10% credit opportunities.
Separately, Victoria Willard, managing director of investments for the pension fund, will retire in February, and the retirement system is searching internally for a replacement, Mr. Golden said.