Miami Beach (Fla.) Employees’ Retirement System will begin its search for an investment consultant within the next few weeks, said Rick Rivera, pension administrator, in an e-mail.
The $509 million pension fund’s board approved a draft request for proposals, with minor changes, at its meeting on Wednesday. Mr. Rivera said the RFP should be posted within the next several weeks.
The search is being conducted because of a board decision earlier this year to put the services of all vendors up for bid in the near future. The process began with an RFP for an independent auditor in May.
Current investment consultant Milliman will be invited to rebid. The RFP will be posted on the pension plan’s website.
Separately, the pension fund hired Dimensional Fund Advisors to manage $20 million in active emerging markets equities. Other finalists were Oaktree Capital Management and Quantitative Management Associates.
The fund conducted an invitation-only search earlier this year after an increase in the emerging markets equity target allocation to 10% from 4%.
The pension fund does not have an emerging markets equity manager after the termination of WHV Investment Management from a $12 million portfolio in September 2013.
Funding for the new portfolio will come from the WHV assets and changes in the pension fund’s target asset mix.
Milliman assisted with the search.