New Bedford (Mass.) Contributory Retirement System is searching for an open-end timber or timber-and-farmland manager to run about $16 million.
The $463 million pension fund is conducting the search to comply with Massachusetts Public Employee Retirement Administration Commission requirements that services must be put up for bid every seven years, said Eric Cohen, executive director.
The current manager is Manulife Investment Management, which is running a global timber and farmland portfolio, and Cohen said no manager is barred from submitting a bid.
The RFP is available on the website of investment consultant Segal Marco Advisors, which is assisting with the search. Proposals are due by 1 p.m. EST on Jan. 20. Cohen said a selection is likely over the next few months.
