North Branford, Conn., hired Hooker & Holcombe to serve as investment consultant for its three defined benefit plans, confirmed town manager Michael T. Paulhus.
The search was launched in April because the town council wanted to review its options, said Anthony Esposito, town treasurer and finance director, when the RFP was originally issued. Morgan Stanley was the incumbent investment consultant. Although Morgan Stanley rebid, Mr. Paulhus said it was not a finalist.
GYL Financial Synergies and Beirne Wealth Consulting were the other finalists.
The town's three plans have a combined $11.6 million in total assets and consist of the $5.5 million Police Pension Plan, $4.3 million Employees' Pension Plan and $1.8 million Merit Services Retirement Plan for Volunteer Fire/Ambulance Personnel.
