Highland Park (Ill.) Police Pension Fund and Highland Park Firefighters Pension Fund hired Sawyer Falduto Asset Management to manage all of the funds’ assets, said Julie Logan, the city's finance director.
A joint RFP was issued earlier this year for due diligence purposes. PNC Investments, which previously managed all assets for both funds, did rebid.
Although it was a joint RFP, the hiring decisions were made separately by the pension fund boards.
Broad asset allocation decisions will be decided by the pension funds’ boards.
At the time the RFP was issued, the police pension fund had $36 million in assets and the firefighters' pension fund, $37 million.
Both pension funds had a target asset allocation of 54% U.S. equity, 40% fixed income and 6% international equity.