Plymouth (Mass.) Retirement System is searching for a senior floating-rate fixed-income manager to run about $9 million.
Fiduciary Investment Advisors, investment consultant for the $178 million defined benefit plan, is assisting with the search.
The proposed strategy must be in a commingled vehicle.
The search is being done to comply with the state procurement statute mandating contracts have to be put to rebid every few years, said Wendy Cherry, executive director of the pension fund. Barings, formerly Babson Capital Management, is the current manager and they are eligible to rebid.
The RFP is available on Fiduciary Investment Advisors' website. Proposals are due by 4 p.m. EDT on March 26. Ms. Cherry said she doesn't expect the board to interview firms until April or May.