The Charter Township of Bloomfield (Mich.) selected five finalists in its search for an investment consultant search for its various investment pools, which total about $253 million, said Brian E. Kepes, township treasurer.
Bloomfield Township launched an RFP earlier this year for a provider of investment consulting and advisory services for the following funds: the $55 million equity fund of the $215 million defined benefit plan; $21 million 457 (b) plan; $10 million voluntary employees' beneficiary association; $5 million 401(a) plan; $900,000 retiree health savings plan; and $600,000 529 college savings plan.
The consulting agreement will not include the $160 million stable value portfolio of the defined benefit plan that is managed by Prudential, Mr. Kepes said.
Finalists for the position are the incumbent, Gregory J. Schwartz & Co.; AndCo Consulting; Graystone Consulting; Retirement Plan Advisors; and Sheridan Road Advisors.
Mr. Kepes and his staff will interview the consulting firms in August and the township's Financial Sustainability Committee likely will select the successful candidate in early autumn.
