San Francisco City & County Employees’ Retirement System is searching for an active domestic core-plus fixed-income manager to run between $500 million and $1.5 billion, an RFP posted on the $19.9 billion pension fund’s website said.
The pension fund is conducting the search as a result of concerns from investment staff and its general investment consultant, Angeles Investment Advisors, regarding Aberdeen Asset Management.
The concerns stem from an increased concentration of core-plus fixed-income strategies that came as a result of Aberdeen’s 2012 acquisition of Artio Global Investors, which also manages core-plus assets for the pension fund, according to a Nov. 12 memo from William Coaker, chief investment officer.
Aberdeen was placed on watch when Christopher Gagnier, head of Aberdeen’s North American fixed-income team, announced he is retiring at the end of 2014.
However, the RFP said incumbent managers are invited to bid.
The RFP is available on the pension fund’s website. Proposals are due at 5 p.m. PST on Feb. 18. Semifinalist presentations are tentatively scheduled for April 14-15, with a recommendation to the board tentatively scheduled for May 13.
Mr. Coaker did not return a phone call by press time.