Hinsdale (Ill.) Firefighters’ Pension Fund hired Sawyer Falduto Asset Management to provide investment management services, said Douglas Niemeyer, board president.
The $16.5 million pension fund issued an RFP for an investment manager or investment consultant earlier this year because of a requirement that services go out to bid every five years.
Incumbent consultant Graystone Consulting rebid.
The board decided to hire an investment manager as opposed to a consultant to reduce fees, “maintain the safety of the fund” and potentially achieve higher investment returns, Mr. Niemeyer said.
It has not been determined whether any of the existing managers will be eliminated as a result of the change. The number of current managers couldn’t be learned by press time.
The pension fund’s current target asset allocation is 38% fixed income 27%, domestic large-cap equities, 16% foreign equities, 8% emerging markets equities, 3% each REITs, domestic midcap equities and domestic small-cap equities, and 2% cash and cash equivalents.