Knoxville (Tenn.) City Employees' Pension Fund hired Marquette Associates as investment consultant, pending contract negotiations, said Kristi Paczkowski, executive director.
The $578 million pension fund issued an RFP in September as a result of the previous month's announcement that AndCo Consulting would be purchasing Summit Strategies Group's public fund general consulting practice. Summit had been the pension fund's investment consultant for more than 10 years, Ms. Paczkowski said at the time. AndCo has been serving as interim consultant since the closing of the transaction and was a finalist along with Callan, NEPC and Verus Advisory.
The pension fund is seeking an April 1 contract start date, Ms. Paczkowski said.
The pension fund's target allocation is 26% fixed income; 22% domestic equities; 18.5% international equities; 10% real estate; 7.5% energy/natural resources; and 5% each, hedge funds, private equity and risk parity; and 1% cash.