Overland Park (Kan.) Police Department Retirement Plan and Overland Park Fire Department Retirement Plan are searching for an active domestic large-cap value equity manager to run $21 million and $10 million, respectively, for the plans.
BMO Global Asset Management is the current manager. The pension funds have issued an RFP because of the April announcement that Ameriprise Financial signed an agreement to acquire BMO Financial Group's EMEA money management business.
A separate deal for U.S. clients gives BMO money management clients the opportunity to move to Columbia Threadneedle Investments.
Kevin Condy, director of research at Dahab Associates, said in an email the board decided it would be prudent to put the portfolios up for bid. They have asked BMO Global Asset Management's disciplined equity team to rebid, he said.
Dahab Associates is the pension funds' investment consultant and is assisting with the search.
The Overland Park (Kan.) Police Department Retirement Plan and Overland Park Fire Department Retirement Plan have about $125 million and $60 million, respectively, in assets.
The RFP is available on Dahab Associates' website. Proposals are due at 5 p.m. EDT on July 15. A timeline for a selection has yet to be determined.