Quincy (Mass.) Contributory Retirement System is searching for a bank loan manager to run about $10 million.
The $873 million pension fund issued an RFP to comply with the Massachusetts Public Employee Retirement Administration Commission requirement that services must be put up for bid every seven years, said Brad Croall, executive director.
Current manager Beach Point Capital Management is eligible to rebid, he said.
As of Nov. 30, the pension fund’s actual allocation to bank loans was 1.1%; the target is 2%.
The RFP is available on the website of investment consultant Meketa Investment Group, which is assisting with the search. Proposals are due by noon EST on Feb. 28. A timeline for a selection has yet to be determined.
