Danville (Va.) Employees' Retirement System is searching for a core fixed-income manager to run $50 million, an RFP posted on the website of investment consultant Dahab Associates shows.
The $260 million pension fund is accepting proposals from both active and passive managers. Only investment-grade strategies will be considered.
According to the fund's most recent comprehensive financial annual report, as of June 30, 2018, the actual allocation to fixed income was 23% and the target was 30%. As of that same date, the fixed-income managers were PanAgora Asset Management and Northern Trust Asset Management, both running passive portfolios of $38 million and $18 million, respectively, according to the CAFR.
The RFP is available on Dahab's website. Proposals are due at 5 p.m. EDT on July 24. A timeline for a decision has yet to be determined. Dahab Associates is assisting.
Henrietta Weaver, retirement board secretary, referred questions to Dahab Associates. Steven Roth, Dahab Associates' chief investment officer, could not be immediately reached to provide further information.