Providence, R.I., is searching for an investment consultant for the $370 million Providence Employees Retirement System.
The city has launched a search for a consultant to review the existing asset allocation and strategies of its money managers, provide monthly reviews of managers and performance monitoring of managers, according to an RFP posted on the city's website.
The RFP also said the city is considering a pension obligation bond transaction which would result in a contribution of about $700 million to the system. The chosen consultant would advise on how to invest those additional assets as well.
The RFP did not disclose the name of the current consultant or whether the firm is invited to rebid.
The RFP is available on the city's website. Proposals are due June 21. A timeline for a selection was not provided.
Patricia Jordan, purchasing agent, referred questions to Lawrence J. Mancini, the city's chief financial officer, who was not available to provide further information.
