St. Louis Firefighters’ Retirement Plan is searching for its first real estate manager to run about $3 million in an open-end core real estate fund, said Janice Fairless, human resources specialist.
The $32 million pension fund issued an RFP following a slight change to its asset allocation. It added a new 5% real estate target, while international equity drops to 25% from 30%.
The allocation change for the pension plan, which was created Feb. 1, 2013, was due to growth. Other targets remaining the same are 30% domestic large-cap equities and 20% each domestic smidcap equities and fixed income.
OFI Global Asset Management was hired in December to run the international equity allocation of about $9 million, but the hire has yet to be funded.
The real estate RFP is available from the website of investment consultant Dahab Associates, which is assisting. Proposals are due at 5 p.m. EDT on May 3. Ms. Fairless said it is possible a decision could be made by the end of May.