New Orleans City Employees’ Retirement System will launch a search for an investment consultant late next week, said Jesse Evans, director, in an e-mail.
The $340 million pension fund will issue an RFP because of new rules from the city’s office of supplier diversity, Mr. Evans said. The office suggested opening the services up for bid following the first of two one-year renewal options of the pension fund’s contract with current consultant The Bogdahn Group after its initial three-year term.
The Bogdahn Group is invited to rebid, Mr. Evans said.
The RFP will post next week on the pension fund’s website. Due date information is not yet available.
Separately, the pension fund hired Vanguard Group to run about $12 million in passive international equities. The pension fund originally issued an RFP in February for an active manager to potentially replace incumbent active international equity manager WHV Investments due to personnel changes.
After evaluating 16 active managers, the board elected instead to invest the assets in a passive portfolio, Mr. Evans said.
The Bogdahn Group assisted in that search.