Birmingham (Mich.) Employees Retirement System may begin a search for an investment consultant in December.
The $98 million pension fund is considering issuing an RFP because the retirement investment committee feels the services should be put up for bid every five to 10 years, according to Sept. 28 committee meeting minutes.
According to the draft of the RFP reviews at the committee's Tuesday meeting, the RFP is currently scheduled to be posted on the MITN Purchasing Group website on Dec. 11.
The current consultant is The Gasper Group at UBS. Whether the firm will be invited to rebid could not be immediately determined.
The chosen consultant will also assist with management of the city's $40 million retiree health-care fund.
As of Sept. 30, the pension fund's actual allocation was: 39.4% domestic large-cap equities; 20% fixed income; 15.2% domestic midcap equities; 10% international equities; 9.9% hedge funds; and 5.5% domestic small-cap equities.
The RFP will be posted on the MITN Purchasing Group website. Proposals will be due at 5 p.m. EST on Feb. 23. A selection is expected by April 27.
Kim Wickenheiser, assistant finance director for the city, referred questions to Mark Gerber, the city's finance director/treasurer, who could not be immediately reached for further information.