Worcester (Mass.) Retirement System is searching for a core fixed-income manager to run a total of $100 million in two active strategies.
Meketa Investment Group, investment consultant for the $1.2 billion pension fund, is assisting with the search.
The allocations include $60 million to a strategy benchmarked to the Bloomberg Aggregate Bond index and $40 million to one benchmarked to the Bloomberg 1-10 Year TIPS index.
The search is being conducted to comply with state law, and the incumbent manager is invited to rebid, according to the RFP. Although the RFP does not name the incumbent, a report on the pension fund's website listed Income Research & Management as its core fixed-income manager as of March 31.
Firms must have at least $5 billion in total assets under management, $500 million in the strategy, have been in operation for at least five years, and have portfolio managers with at least five years' experience managing core fixed income to be considered.
The RFP is available on Meketa's website. Proposals are due by noon EDT Oct. 19. A selection date was not disclosed.
Lisa Poske, executive secretary of the pension fund, and Mark McKeown, head of fixed-income research at Meketa, could not be immediately reached for further information.