Madison Heights (Mich.) Police & Fire Retirement System is searching for an investment consultant.
The $48 million pension fund has issued a request for information because the contract with current consultant PNC Institutional Asset Management expires on June 30, said Linda Kunath, city finance director/treasurer.
PNC also manages the assets as a discretionary consultant, and Ms. Kunath said the RFI is open for both discretionary and non-discretionary consultants to give the board of trustees the option of considering both types of services. PNC is eligible to rebid.
The current asset allocation is 65% global equities, 26% fixed income, 8% real assets and 1% cash.
The RFI is available on the BidNetDirect procurement website. Registration is required. Proposals are due at 4 p.m. EDT on April 19. The system hopes to make a selection by June, Ms. Kunath said.