Jacksonville (Fla.) Police & Fire Pension Fund narrowed its investment consultant search to three finalists, said Timothy H. Johnson, executive director, in an email.
The $2.1 billion pension fund issued an RFP in July due to the pending expiration of the contract of interim investment consultant Wilshire Associates, which is a finalist along with RVK and Segal Marco Advisors.
Wilshire had been hired in September 2018 following an invitation-only request for information sent to Wilshire, Fund Evaluation Group and AndCo Consulting. That RFI was sent to the firms following the announcement that the public pensSummit Strategies of Summit Strategies Group, the consultant at the time, was being sold to AndCo Consulting.
The one-year contract ending Oct. 31, 2019, was intended to be an interim solution, a board meeting summary posted on the pension fund's website said at the time.
The three finalists along with Callan and Graystone Consulting made presentations to the pension fund's board on Oct. 2. The board will vote on the three finalists at its Oct. 18 meeting.
As of June 30, the pension fund's actual allocation was 43.5% domestic equities, 20.1% international equities, 16.7% core-plus fixed income, 11% real estate, 4.5% core fixed income, 4% master limited partnerships and 0.2% cash.