Kentucky Retirement Systems, Frankfort, plans to issue an RFP next week for an investment consultant, said David L. Eager, interim executive director.
The retirement system is searching for a firm that can provide broad investment consulting services, with the exception of real estate, Mr. Eager said. It is possible that the selected firm will take on a discretionary role for other alternative asset classes outside of real estate. A final decision has not been made.
KRS’ existing private equity consultant, Pension Consulting Alliance, and public securities consultant, RVK, will be invited to rebid. ORG Portfolio Management will remain the retirement system’s real estate consultant.
Reasons for the search include a desire to see what other firms are offering, consolidate operations with fewer consultants, and reduce fees, if possible, Mr. Eager said.
Once available, the RFP is expected to be posted on KRS’ website.
A hiring decision could be made July 12. The retirement system has roughly $11.5 billion in pension assets and $4.6 billion in insurance assets.
The aggregate asset allocation is 45% equity, 30% credit and 25% diversifying strategies, which includes areas such as real estate, real return and hedge funds.