Portsmouth, R.I., hired Principal Financial Group as investment consultant for its $65 million pension fund.
The town council approved the hiring of Principal at its Sept. 27 meeting, recently released council meeting minutes show.
The town issued an RFP in June for a consultant to provide asset allocation and performance monitoring, investment policy recommendations and provide monthly financial reports for the pension fund.
Lisa Lasky, the town's director of finance, confirmed that the incumbent consultant was eligible to rebid for the services, but would not provide the name of the firm.
According to the pension fund's March 25 board meeting agenda, Symmetry Partners was the investment consultant at that time. The firm was not listed among investment consultants that requested the RFP, according to a notice on the BidNetDirect website.
As of Dec. 31, the pension fund's actual allocation was 39.2% domestic equities, 30.7% fixed income, 13.3% international equities, 9.6% emerging markets equities, 5% real estate and 2.2% cash.
Ms. Lasky could not be immediately reached for further information.