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The search is required due to state procurement law requiring an RFP every seven years.
The plans selected a new firm this month as their incumbent provider is “getting out of the business.”
The hires followed closed session deliberations.
The plan recently added a portfolio manager to its team.
The plan is looking to add an investment analyst to its team.
The firm will provide non-discretionary investment advisory services for the city’s $487 million investment portfolio.
The defined contribution plan replaced its international large-cap value equity manager, which had been on watch, in the second quarter.
The retirement system added a senior investment officer of diversifying strategies.
The hire completes a review of the real assets portfolio that will now see it split evenly between one core-plus and two core managers.
The investment pool’s incumbent investment advisor is nearing its contract term.