By Muskan Arora
The $2.8bn Jacksonville Police & Fire Pension Fund has named four finalists, narrowing its investment consultant search.
After facing a huge downfall from being almost 87% funded in 2000 to approximately 45% funded ratio in 2024, finding the right consultant for the system has become more important.
Initially, Chief Chris Brown, chair of the board of trustees nominated RVK, Wilshire, Segal Marco and Marquette owing to the “firms review over the past few months”.
However, another board of trustee Terry Wood had a “favorable
impression” of NEPC, owing to which the consultant is also invited for an
interview.
Finalists’ presentation will take place at the pension plan’s
November 20th meeting, with a decision to follow shortly after.
The pension plan had launched their search for an investment
consultant in September, as the current consultant RVK’s contract is set to expire
in December 2024.
The other firms who were up for consideration included Galllagher,
Callan and Aon.
Jacksonville P&F’s target allocation to domestic
equities is 37%, 20% each for international equities and fixed income, 10% for
real estate, 8% for private investments and 5% real assets.
