Medford (Mass.) Contributory Retirement System is searching for a passive domestic midcap equity manager to run up to $7 million.
NEPC, investment consultant to the $198 million defined benefit system, is assisting with the search.
Firms that submit bids must have at least $500 million in passive assets under management that track the S&P 400 index and a track record of at least 10 years to be considered. Only mutual or commingled funds will be considered.
The search is being conducted to comply with state law requiring contracts have to go out to bid every few years, said NEPC consultant Scott Driscoll. RhumbLine Advisers is the current manager and is invited to rebid.
The RFP is available on NEPC's website. Proposals are due at 4 p.m. EDT on Sept. 25. A timeline for selecting a manager has not yet been determined, said Mr. Driscoll.