Two St. Petersburg, Fla., pension funds hired investment consultants following a recent RFP process.
The $404 million St. Petersburg General Employees' Retirement System hired Segal Marco Advisors and the $214 million St. Petersburg Fire Pension Fund rehired Southeastern Advisory Services, said Vicki Grant, the city's benefits manager.
The city issued an RFP on behalf of the pension funds' boards in August. Graystone Consulting, the current consultant of the General Employees' Retirement System, was invited to rebid. Ms. Grant would not provide further information on finalists or bidders.
Graystone Consulting is also the current consultant of the $369 million St. Petersburg Police Officers' Pension Fund and was invited to rebid. Ms. Grant said that pension fund's board has deferred a decision until later in January.
As of Sept. 30, 2018, the most recent data available, the allocation of the general employees' retirement system was 61% equities, 20% alternatives and 19% fixed income.
As of that same date, the police officers' pension fund's allocation was 71% equities, 15% alternatives and the remainder in fixed income.
Also as Sept. 30, 2018, the fire fund's actual allocation was 67% equities, 26% fixed income and 7% alternatives.