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Pension funds

St. Louis Employees narrows field in consultant hunt

An American flag flies past the Gateway Arch in East St. Louis, Illinois, U.S.

St. Louis Employees' Retirement System selected AndCo Consulting, Asset Consulting Group, Gavion and Marquette Associates as finalists in its search for an investment consultant, said Rich Olliges, accounting officer.

The $819 million pension fund issued an RFP in August because the pension fund's incumbent consultant, Summit Strategies Group, had announced that month that its public pension fund business was going to be purchased by AndCo Consulting. Since the completion of the purchase in October, AndCo has been the pension fund's investment consultant.

Finalist presentations will take place at a special board meeting on May 8, Mr. Olliges said, with a decision expected shortly thereafter.

As of June 30, the pension fund's actual allocation was 26.3% international equities, 21% fixed income, 20.7% domestic large-cap equities, 10.7% real estate, 9.7% hedge funds, 5.5% each master limited partnerships and domestic non-large-cap equities, and 0.6% cash.

Targets are 25% fixed income, 24% international equities, 19% domestic large-cap equities, 10% each hedge funds and real estate, 7.5% MLPs and 4.5% domestic non-large-cap equities.