Contra Costa Water District, Concord, Calif., hired Wells Fargo Advisors as investment consultant for its $189 million defined benefit plan, said Jennifer Allen, district spokeswoman.
The district issued an RFP in April for consultant to review and propose amendments to the plan's investment policy and asset allocation, provide quarterly reports to the district's retirement plan advisory committee and review manager performance. Current consultant Conduent was eligible to rebid but did not. There were no finalists.
The DB plan's target allocation is 30% intermediate fixed income; 13% each domestic large-cap growth equities and domestic large-cap value equities; 12% international developed equities; 8.5% domestic midcap equities; 5.5% domestic large-cap blend equities; 5% each domestic small-cap equities, international and emerging markets debt, and real estate; and 3% emerging markets equities.