Ann Arbor (Mich.) Employees' Retirement System will begin a search for an investment consultant in January.
The $518 million pension fund's board approved the issuance of an RFP for an investment consultant at its Sept. 19 meeting, according to minutes.
Whether current consultant Meketa Investment Group will be invited to rebid could not be immediately learned.
As of June 30, the pension fund's actual allocation was 30% domestic equities; 17% investment-grade fixed income; 13% international developed markets equities; 8% real estate; 7% emerging markets equities; 5% high-yield fixed income; 4% Treasury inflation-protected securities; 3% each cash, hedge funds and private equity; 2% each bank loans and emerging markets debt; and the rest in natural resources.
A timeline for the RFP is pending a future review of a draft RFP to be drawn up by the pension fund's investment policy committee.
Tom Crawford, the city's chief financial officer and member of the board of trustees; Jeremy Flack, chairman of the board; and Wendy Orcutt, executive director, did not respond to requests for further information.