Quincy (Mass.) Contributory Retirement System is seeking master trust and custodial services as well as non-core real estate investment managers to run about $20 million.
The board may split the real estate mandate across multiple value-added and/or opportunistic real estate funds. Only proposals for experienced managers of closed-end, non-core real estate portfolios will be considered. Open-ended, first-time funds, public equity and sector-specific strategies will not be considered.
The RFP for a custodian bank was issued to stay in compliance with regulations, while the non-core real estate search is being conducted to replenish that allocation, as previous funds are in distribution mode, said Edward Masterson, the pension fund's executive director. He did not disclose who the current custodian is.
Meketa Investment Group, investment consultant to the $290 million defined benefit plan, is assisting with the searches.
The RFPs are available on Meketa's website. Proposals for both searches are due at noon EST on Nov. 30. Selections are likely to be completed in the first quarter of 2019, said Mr. Masterson.
