Missouri State Employees' Retirement System, Jefferson City, will search for a consultant to provide manager research functions, said spokeswoman Candy Smith in an email.
The $8.2 billion pension fund's board at its meeting Sept. 13 voted to retain Verus Advisory to take on the duties of general asset consultant Summit Strategies Group because the latter's public pension fund consulting business has been purchased by AndCo Consulting. Verus has been advising the pension fund's board since earlier this year when it was hired for the new role of board investment consultant. Summit Strategies Group has been serving as an adviser to the pension fund's staff.
Ms. Smith said the board elected not to put Summit Strategies Group's services up for bid but just transition to Verus when AndCo's purchase of the firm is effective in mid-October. She did say that the staff is developing an RFP for a consultant to conduct manager research. She would not provide a timeline on that search. RFPs will be posted on MOSERS' website.
As of June 30, the actual asset allocation was 25% opportunistic global equities, 24% nominal bonds, 22% inflation-indexed bonds, 18% alternative betas and 11% commodities.