Baton Rouge (La.) & Parish of East Baton Rouge Employees' Retirement System approved transferring the contract of its current investment consultant Summit Strategies Group to AndCo Consulting, said Jeffrey R. Yates, retirement administrator, in an email.
The $1.1 billion pension fund's board approved the transfer at its meeting on Aug. 30, which will take effect when AndCo Consulting's purchase of Summit's public pension fund consulting business closes, likely in mid-October.
Mr. Yates said a third-party firm will at some point develop an RFP for an investment consultant, to which AndCo will be invited to rebid. Mr. Yates said the timeline for such a search is unknown.
As of June 30, the pension fund's actual allocation was 25.5% fixed income; 25.4% each domestic equities and international equities; 6.4% real estate; 5.1% risk parity; 4.8% hedge funds; 3.7% master limited partnerships; 3.6% private equity; and 0.1% cash.