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Pension Funds

St. Louis Police Retirement switches consultant Marquette to outsourced CIO

Vehicles from the St. Louis Metropolitan Police.

St. Louis Police Retirement System named Marquette Associates, its current investment consultant, as outsourced chief investment officer, recently released board meeting minutes show.

The $749 million pension fund's board approved the changes to the agreement with Marquette at its March 27 meeting. No RFP was issued.

The pension fund changed to an OCIO model for Marquette in part to reduce time between decisions on hiring and terminating managers. Marquette has a discretionary committee that oversees the investment management of its clients, and "immediate changes to the portfolio by the discretionary committee is not expected," according to the minutes.

As of March 31, the actual asset allocation was 22.7% domestic large-cap equities; 17.1% domestic fixed income; 13.1% international equities; 8.1% private real estate; 7.2% domestic midcap equities; 7.1% domestic small-cap equities; 6% private equity; 5.9% emerging markets equities; 5.3% international small-cap equities; 2.4% real estate investment trusts; 2.1% global fixed income; and the rest in cash and other investments.

Stephen G. Olish, executive director, was not available to provide further information.