St. Petersburg, Fla., will launch a search for investment consultants for its three pension funds in late summer or early fall, said Vicki Grant, the city's benefits manager.
The city will issue an RFP on behalf of the pension funds' boards, which will individually select the consultants for their funds, Ms. Grant said.
Graystone Consulting, current consultant of the $404 million St. Petersburg General Employees' Retirement System and $369 million St. Petersburg Police Officers' Pension Fund, and Southeastern Advisory Services, current consultant of the $214 million St. Petersburg Fire Pension Fund, will be invited to rebid.
As of Sept. 30, 2018, the most recent data available, the actual allocation of the general employees' retirement system was 61% equities, 20% alternatives and 19% fixed income.
As of that same date, the police officers' pension fund's actual allocation was 71% equities, 15% alternatives and the rest in fixed income.
Also as Sept. 30, 2018, the fire pension fund's actual allocation was 67% equities, 26% fixed income and 7% alternatives.
The RFP will be posted on the city's website, Ms. Grant said. A timeline for a proposal due date and selections have yet to be determined.