New Orleans Sewerage & Water Board is searching for an investment consultant and custodian for its $221 million defined benefit plan, said Patti J. Wallace, purchasing senior services manager.
The board is seeking an investment consultant to "conduct relationship management and coordinate oversight relative to investment management, investment performance reporting, custodial services, security lending, security litigation and other services," according to an RFP posted on the board's procurement website.
The current consultant is FFC Investment Advisors of Raymond James. The firm is invited to rebid, Ms. Wallace said.
As of Oct. 31, the pension plan's actual allocation was 47% domestic equities; 35.4% fixed income; 9% real estate; 8% alternatives; and 0.6% cash.
The RFP is available on the board's procurement website. Registration is required. Proposals are due at 11 a.m. CST on Feb. 28. A timeline for a decision has yet to be determined.