Jacksonville (Fla.) Police & Fire Pension Fund hired RVK as investment consultant, pending contract negotiations.
The $2.1 billion pension fund's board voted to hire RVK at its meeting Friday, said Timothy H. Johnson, executive director, in an email.
The pension fund issued an RFP in July due to the pending expiration of the contract of interim investment consultant Wilshire Associates, which was a finalist along with Segal Marco Advisors.
Wilshire had been hired in September 2018 following an invitation-only request for information sent to Wilshire, Fund Evaluation Group and AndCo Consulting. That RFI was sent to the firms following the announcement that the public pension fund business of Summit Strategies Group, the consultant at the time, was being sold to AndCo Consulting.
RVK's new five-year agreement is currently scheduled to begin Nov. 1. The $2.4 billion Jacksonville City Retirement System, which also had to put the services up for bid because Summit was its incumbent consultant, hired RVK as its permanent consultant in December.
As of June 30, the police and fire pension fund's actual allocation was 43.5% domestic equities, 20.1% international equities, 16.7% core-plus fixed income, 11% real estate, 4.5% core fixed income, 4% master limited partnerships and 0.2% cash.