Missouri State Employees' Retirement System, Jefferson City, hired Pension Consulting Alliance as its specialty consultant for public markets, effective Thursday, according to pension fund spokeswoman Candy Smith.
MOSERS initially issued an RFP for a specialty consultant for public markets in October to assist its Chief Investment Officer Seth Kelly and investment staff with manager research, due diligence and oversight in public markets asset classes, Ms. Smith said in an email.
As MOSERS' specialty consultant for public markets, PCA, which is being acquired by Meketa Investment Group, will report to Mr. Kelly. The specialty consultant role is new, Ms. Smith confirmed Tuesday.
MOSERS previously used a general asset consultant — Summit Strategies Group — but "as part of the transition to a new portfolio in November, MOSERS restructured its external advisory relationships," Ms. Smith said. The fund's board will now be advised by Verus Investment Advisors, a board asset consultant, and the its investment department will be advised by a specialty consultant for public markets on "more specific matters," she said.
MOSERS administers an $8.2 billion defined benefit plan and two defined contribution plans, which had about $2.2 billion in combined assets, as of June 30.
PCA will advise on both the DB and DC plans but "will have a more limited role" on the DC plans, Ms. Smith said.
Cortex Applied Research assisted in the search, she noted.