Baton Rouge (La.) & Parish of East Baton Rouge Employees' Retirement System hired AndCo Consulting as investment consultant, said Jeffrey R. Yates, retirement administrator, in an email.
The $1.1 billion pension fund hired AndCo after its board could not come to acceptable terms with Wilshire Associates, Mr. Yates said. The board had originally selected Wilshire earlier this year following an invitation-only search process begun in November.
The pension fund had sent an RFP to eight firms in November because of AndCo Consulting's purchase of the public pension fund business of Summit Strategies Group, the pension fund's incumbent consultant.
AndCo had been interim consultant since the purchase closed in October. Meketa Investment Group was the third finalist.
As of June 30, 2018, the most recent data available, the pension fund's actual allocation was 25.5% fixed income, 25.4% each domestic equities and international equities, 6.4% real estate, 5.1% risk parity, 4.8% hedge funds, 3.7% master limited partnerships, 3.6% private equity and 0.1% cash.
Governance consultant Cortex Applied Research assisted.