Savannah (Ga.) Employees' Retirement Plan hired NEPC as investment consultant, said David Maxwell, the city’s chief financial officer and director of the finance department, in an email.
The $388 million pension fund reissued an RFP in May that had been originally released in March 2017; the pension fund's board elected to postpone the search and hire legal counsel to advise the board on the consultant search. It hired Morris, Manning & Martin to assist later in 2017. Current consultant DeMarche Associates was invited to rebid. Whether the firm did so could not be immediately learned.
The City Council approved the retirement board's recommendation to hire NEPC at its meeting on Sept. 13. Other finalists were Callan, Gavion and Segal Marco Advisors.
As of Dec. 31, the pension fund's asset allocation was 42.5% domestic large-cap equities, 27.4% fixed income, 10.5% international equities, 10% domestic small-cap equities and 9.6% real estate.