York, Pa., is searching for investment management and custodial services for its three pension plans.
The city has issued an RFP because Vanguard Group, which provided the services for the plans as its outsourced chief investment officer, is selling that business to Mercer, which has informed Vanguard’s public pension fund clients it will only be moving on with ERISA clients, said Chris Englebert, founding partner and chief investment officer of Englebert Financial Advisers, which is assisting with the search.
Englebert said the city will consider proposals for OCIO services, as well as traditional investment consulting services. Services must include a custodial arrangement, and retiree payment services.
The York Police Defined Benefit Pension Fund has $79 million in assets, the Officers and Employees Defined Benefit Pension Fund has $36 million, and the Fire Defined Benefit Pension Fund has $32 million.
The RFP is available on the city’s website. Proposals are due at 4 p.m. EDT on April 22. Finalist interviews are scheduled for the week of May 13, and a selection will be made shortly thereafter.
