Athens-Clarke County Employees' Pension Plan, Athens, Ga., hired PFM Asset Management as discretionary investment consultant.
The $252 million pension fund issued an RFP in September 2018 because incumbent consultant Consequent Capital Management had not been hired through the county's formal procurement process, Jeff Hale, the county's human resources director, said at the time.
Consequent had been originally hired due to its purchase of incumbent consultant Gray & Co. at the beginning of 2017. Consequent, which provided non-discretionary services, was invited to rebid; whether the firm did so could not be immediately learned.
PFM will create an asset allocation for the pension fund and have full discretion over investments, according to Aug. 14 board meeting minutes.
As of July 31, 2018, the actual allocation of the plan was 58.2% domestic equities, 29.5% domestic fixed income and 12.3% international equities, according to the most recent available data.
Mr. Hale could not be immediately reached to provide further information.