Knoxville (Tenn.) City Employees' Pension Fund will launch a search for an investment consultant in mid-September, said Kristi Paczkowski, executive director.
The $600 million pension fund will issue an RFP as a result of the Aug. 14 announcement that AndCo Consulting is purchasing Summit Strategies Group's public fund general consulting practice. Summit has been the pension fund's investment consultant for more than 10 years, Ms. Paczkowski said. AndCo, whose purchase of the business is expected to close on Oct. 15, will be invited to bid.
The RFP will be posted on the city of Knoxville's purchasing website. The timeline of the RFP has yet to be determined.
Separately, the pension fund hired Investec Asset Management to run approximately $20 million in active emerging markets debt.
The pension fund conducted a shortlist search earlier this year after terminating Pictet Asset Management because of personnel changes. Those assets are tentatively parked in an index fund managed by Northern Trust Asset Management.
Summit assisted with that search.