Jacksonville Police & Fire collars Wilshire as investment consultant

Jacksonville (Fla.) Police & Fire Pension Fund hired Wilshire Associates as investment consultant, said a recently released board meeting summary.

The $2.1 billion pension fund's board at its Sept. 28 meeting approved hiring Wilshire for a one-year contract beginning Nov. 1 following an invitation-only RFI sent to Wilshire, Fund Evaluation Group and AndCo Consulting. The search was conducted because the public pension fund business of Summit Strategies Group, the current consultant, is being sold to AndCo Consulting.

The one-year contract is intended to be an interim solution, the summary said, adding that Timothy H. Johnson, executive director and plan administrator, noted that "the PFPF will have time to consider a joint RFP solution for a long-term engagement in the future."

As of July 31, the pension fund's actual allocation was 43.2% domestic equities, 21.6% international equities, 15.1% core-plus fixed income, 10.3% real estate, 5.6% master limited partnerships/energy, 3.7% core fixed income and 0.5% cash.

Mr. Johnson could not be immediately reached to provide further information.