Norwood (Mass.) Contributory Retirement System is searching for a money manager to run a total of about $50 million in four passive portfolios.
The $205 million pension fund is reissuing a prior RFP in an attempt to receive more responses than the last time the services were put up for bid, said Debra A. Wilkes, the pension fund's executive director.
The pension fund had originally issued an RFP in December 2021 to comply with a Massachusetts Public Employee Retirement Administration Commission requirement to put services up for bid every seven years. Ms. Wilkes said only one manager submitted a proposal, and the board has decided to put the services back up for bid, hoping additional managers can participate.
RhumbLine Advisers, the current passive manager, is invited to rebid, Ms. Wilkes said.
The passive portfolios up for bid are $21 million in domestic large-cap growth equity, $15 million in domestic core fixed income, $7 million in Treasury inflation-protected securities and $7 million in natural resources.
The RFP will be posted imminently on the website of investment consultant Meketa Investment Group, which is assisting with the search. Proposals will be due at 3 p.m. EST on Dec. 30. A timeline for a selection has yet to be determined.