Missouri State Employees' Retirement System, Jefferson City, hired Verus Advisory as an investment consultant, spokeswoman Candy Smith said in an email.
The $8 billion pension fund issued an RFP in February for a firm to fill the newly created role as "board investment consultant." When the RFP was issued, Ms. Smith said the role is "to provide investment advisory and oversight services directly to the MOSERS board of trustees. The board investment consultant will assist the MOSERS board in overseeing the system's investment management functions, developing investment policy, and executing board-approved investment policy. The board investment consultant will act solely on behalf of the MOSERS board," Ms. Smith said at the time of the RFP.
Ms. Smith said nine firms sent proposals. She did not say whether there were any other finalists.
Current general asset consultant Summit Strategies Group will continue with the pension fund in its role advising MOSERS' staff.
MOSERS' target asset allocation is 25% nominal bonds, 23% inflation-indexed bonds, 22% opportunistic global equities, 18% alternative betas and 12% commodities.
The pension fund's asset allocation as of Dec. 31 was 25% opportunistic global equities, 24% nominal bonds, 21% inflation-indexed bonds, 19% alternative betas and 11% commodities.