Birmingham (Mich.) Employees' Retirement System hired CAPTRUST Financial Advisors as its investment consultant.
The $116 million pension fund's board approved the hiring of CAPTRUST at its June 23 meeting, recently released meeting minutes show.
The pension fund issued an RFP in December because of its policy to put the services up for bid every five to 10 years, said Mark Gerber, the city's finance director/treasurer, at the time.
The Gasper Group at UBS was invited to rebid and did so, according to a list of bidders posted on the city's procurement website. The minutes did not provide further information about finalists.
As of June 30, the pension fund's actual allocation was 39.9% domestic large-cap equities, 19.1% fixed income, 14.7% international equities, 10.1% domestic midcap equities, 6.9% domestic small-cap equities, 6.6% hedge funds and 2.7% public real estate.
Mr. Gerber could not be immediately reached for further information.
