Boston Retirement System is searching for an international developed large-cap equity manager.
The $5.3 billion pension fund is seeking a manager with at least a five-year track record and assets under management in its specific strategy of at least $500 million, according to an RFP posted on the website of NEPC, the pension fund's investment consultant.
The RFP did not provide a specific portfolio size or reason for the search. However, Dec. 18 board meeting minutes show the board at the time was interested in beginning a search for a replacement for Fisher Investments, which was terminated in October. Those assets are currently parked in an index fund managed by State Street Global Advisors, the minutes show.
The board in October terminated Fisher Investments from its $248 million active international core equity portfolio in response to a letter from Boston Mayor Martin J. Walsh, who asked the board to terminate the firm because "statements made by Ken Fisher implicate not only his own judgment, but potentially that of the company as a whole."
The pension fund's other international equity managers as of Sept. 30 were PanAgora Asset Management (which ran $234 million as of that date), Todd Asset Management ($232 million), and Segall Bryant & Hamill ($115 million), according to the most recent available performance report.
As of Sept. 30, the actual allocation to international equities was 16.3%; the target is 17%.
The RFP is available at NEPC's website. Proposals are due at 3 p.m. EDT on March 9. A timeline for a decision was not provided.
NEPC is assisting with the search.
John Kelly, investment analyst for the pension fund, could not be immediately reached to provide further information; John Dillard, spokesman for Fisher Investments, declined comment.