Highland Park (Ill.) Police Pension Fund hired PNC Bank as investment manager of the $30 million pension fund's entire portfolio, wrote Nikki Larson, city finance director, in an e-mail.
The pension fund issued an RFP in October to ensure the board was receiving the “best service at the best price,” Ms. Larson had written in an e-mail at the time.
The pension fund has a target allocation range of 50% to 60% fixed income, 35% to 45% equity and zero to 5% cash.
Incumbent managers were invited to rebid; Ms. Larson declined to name the managers or finalists for the new hire.
