Plymouth County (Mass.) Retirement Association is searching for a cash overlay manager to run $25 million, according to an RFP posted on the website of investment consultant Meketa Investment Group, which is assisting with the search.
According to recently released meeting minutes, the $1.3 billion pension fund's board approved the RFP at its April 25 meeting.
Daniel R. Dynan, managing principal and consultant at Meketa Investment Group, said in the minutes that utilizing such a strategy would help with cash exposure, while investing close to the pension fund's policy benchmark, and the reduction in cash management to policy benchmark over time could benefit the fund's performance.
The RFP is available on Meketa Investment Group's website. Registration is required. Proposals are due at noon EDT on June 23. A timeline for a selection was not provided.
Peter Manning, the pension fund's director of investments, could not be immediately reached for further information.