Highland Park (Ill.) Firefighters Pension Fund is searching for investment managers for its entire $30 million portfolio, wrote Kevin Knoll, pension board secretary, in an e-mail.
The pension fund's board is conducting the search to exercise its “fiduciary duty to ensure that we are receiving the best service at the best price,” Mr. Knoll wrote.
Current managers PNC Bank and Wells Fargo are invited to rebid. Mr. Knoll did not specify which asset classes each manager is running. The pension fund plans to hire more than one manager.
The RFP is available on the city's website. Proposals are due at 4 p.m. CDT May 30. The board expects to make a hiring decision on July 30.