Brookline (Mass.) Contributory Retirement System interviewed Northern Trust, Russell Investments, SEI Investments and the Massachusetts Pension Reserves Investment Management board in the $220 million pension fund's search for an outsourced CIO, said Frank Zecha, executive director.
The chosen firm will have fiduciary responsibilities for the fund's overall portfolio outside of its $30 million to $40 million invested in private equity. An RFP was issued earlier this year.
The search was conducted in order to maximize returns, lower fees and ensure a more timely process in making changes in the pension fund's asset classes, Mr. Zecha said when the RFP was issued.
The system's board will meet Aug. 13 to review the four firms, Mr. Zecha said, adding it's possible a selection could be made then.