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Baton Rouge invites 8 to bid for consultant’s role

Baton Rouge (La.) & Parish of East Baton Rouge Employees' Retirement System is conducting an invitation-only search for an investment consultant, said Jeffrey R. Yates, retirement administrator, in an email.

The $1.1 billion pension fund sent the RFP to eight firms in November because of AndCo Consulting's purchase of the public pension fund business of Summit Strategies Group, the fund's incumbent consultant. AndCo is one of the eight invited to bid, Mr. Yates said.

The pension fund's board at its Aug. 30 meeting had approved the transfer of Summit's contract to AndCo on a temporary basis, with the understanding the services would be put up for bid at some point.

A decision is expected sometime in February.

As of June 30, the pension fund's actual allocation was 25.5% fixed income; 25.4% each domestic equities and international equities; 6.4% real estate; 5.1% risk parity; 4.8% hedge funds; 3.7% master limited partnerships; 3.6% private equity; and 0.1% cash.

Governance consultant Cortex Applied Research is assisting.