US - The US$15.5bn San Francisco Employees' Retirement System (SFERS) has tendered for an investment consultant as the contract with its existing consultant draws to a close.
SFERS deputy investments director David Kushner stressed there had been no performance issues with Angeles Investment Advisors, whose contract expires on March 31, 2007.
"As a matter of practice we always review the competitive landscape," said Kushner, who added Angeles was being encouraged to rebid.
The tender is for firms to provide comprehensive full-retainer, general investment consulting advice and services.
"In general, the selected firm will assist the board in the on-going process of investment policy review and compliance, strategic investment planning and asset allocation decisions," SFERS said. "The firm will serve in a fiduciary capacity and will acknowledge in writing the firm’s fiduciary status, without qualification."
The deadline for submission of responses is January 29, 2007.
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