Lexington-Fayette Urban County Government, Lexington, Ky., hired PFM Asset Management as investment consultant for its $29 million City Employees Pension Fund, said a contract award notice on the city’s purchasing website.
An RFP was issued in August. It could not be learned by press time whether the incumbent, J.P. Morgan Asset Management, rebid.
The pension fund has a target asset allocation of 40% each domestic equity and fixed income, and 20% international equity, according to plan documents.
The pension fund has been closed since 1974 and the average age of the remaining participants is 81, the RFP said.
Todd Slatin, director of central purchasing, and Tammy Walters, deputy director of human resources, could not be reached for additional information by press time.