Oakland County Retirement and Deferred Compensation Board, Waterford, Mich., will start a search in mid-July for an investment consultant for its $800 million defined benefit plan.
Asset Consulting Group is the plan’s current consultant, said Judy D. Fandale, retirement administrator, stressing there are no problems with Asset Consulting, but the board wants to perform due diligence on other consulting firms.
The parameters for the search, which will begin on or near July 17, will be decided at the board’s June 18 meeting. The new consulting contract is likely to be for three or five years, Ms. Fandale said.
The search will be by invitation only to a group of investment consulting firms that have contacted retirement administration staff in the past. Asset Consulting may rebid.
Ms. Fandale said other investment consulting firms wishing to bid on the contract should contact her at [email protected].
A timeline has not been set for the hire.
Separately, Ms. Fandale said Oakland County likely will consider an allocation from the defined benefit plan to real assets strategies in the second half of the year, adding that a fair amount of board member education about possible approaches is needed.