Searches and hires

Lower Colorado River Authority casts net for investment consultant

Lower Colorado River Authority, Austin, Texas, is searching for an investment consultant for its defined benefit plan, and 401(k) and 457 plans, spokeswoman Clara Tuma said in email.

The authority is considering both traditional investment consultants and those that offer outsourced chief investment officer services. LCG Associates, the current traditional consultant, is invited to rebid.

The DB plan has about $400 million in assets and has 12 external money managers, and the 401(k) plan and 457 plans, with a combined $200 million in assets, share 22 investment options. Fidelity Investments is the record keeper of those plans.

The RFP is available on the authority's website. Proposals are due at 3 p.m. CDT on May 14. A selection is expected sometime in June.