East Bay Municipal Utility District Employees' Retirement System, Oakland, Calif., will likely launch a search for an investment consultant in the second half of 2024.
The $2.2 billion pension fund will likely issue an RFP at that point because its contract with current consultant Meketa Investment Group will be expiring in early 2025, said Sophia Skoda, director of finance.
The firm will be eligible to rebid, Skoda said. The pension fund's board at its July 20 meeting voted to extend the contract to March 31, 2025, which under district policy is the final allowable renewal before the services must be put up for bid, minutes of the meeting said.
As of June 30, the pension fund's actual allocation was 26.3% domestic equities, 24.3% international equities, 20.5% covered calls, 18.5% core fixed income, 5.4% real estate, 4.9% non-core fixed income and the rest in cash.
The target allocation is 25% each domestic equities and international equities, 20% each core fixed income and covered calls and 5% each non-core fixed income and real estate.
The timing of the RFP has yet to be determined. The district traditionally posts RFPs on its business center website.