Royal Oak (Mich.) Retirement System hired SEI Investments as its investment consultant with some discretionary authority, said Julie Rudd, city director of finance.
The $135 million pension fund hired SEI as a partial outsourced CIO, with the discretionary authority to hire and terminate managers; however, any changes in asset allocation must be approved by the board.
The pension fund’s previous consultant was The Brice Group, which Ms. Rudd said was under a more traditional investment consulting contract.
