Maryland State Retirement & Pension System, Baltimore, is looking for a special investment consultant for a one-time asset allocation review project, said an RFP issued Thursday.
The project involves examining asset allocations within the context of the pension fund's actuarial assumed rate of return of 7.55% and comparable state pension funds.
The review was dictated by state legislators in Maryland's fiscal year 2016 operating budget. The pension fund's board of trustees reviews allocations annually every May, spokesman Michael Golden said. Meketa Investment Group has been the investment consultant since July 2014, under a five-year contract, and cannot bid on the special review.
The pension fund is looking for a firm with broad investment consulting expertise, including asset allocation services for at least 10 pension funds, with at least three of those being public funds and at least three with assets of $10 billion or more, according to the RFP.
A final report with recommendations to the board is expected by January 2016.
As of June 30, the pension fund's assets totaled $45.8 billion. The pension fund's allocation as of the same date was 16.4% global equities, 13.1% real-return assets, 12.9% fixed income, 11.1% international equities, 10.7% absolute-return allocations, 10.3% domestic equities, 9.8% credit/debit strategies, 8.1% in private equity, 7.4% real estate and the rest in cash.
The RFP is available on the state's procurement website. Proposals are due Sept. 25. A hiring date was not specified.