Fairbanks, Alaska, is searching for a money manager for its $158 million permanent fund.
The city is seeking a firm to manage the fund's entire portfolio because the contract of current manager Alaska Permanent Capital Management is expiring on Dec. 31. The firm is eligible to rebid, said Christina Rowlett, the city's risk manager/purchasing analyst.
The fund was created in 1996 from the net proceeds of the sale of the Fairbanks Municipal Utility System and the continuing sales of other city real estate to provide funding for capital and operating assets as well as the preservation of assets for future city generations.
As of July 31, the permanent fund's actual allocation was 56.1% equities, 25% fixed income, 12.6% real assets and 6.3% cash equivalents.
The RFP is available on the city's website. Proposals are due at 2 p.m. Alaska Daylight Time on Oct. 22.
A selection is scheduled for November.