PMRS is seeking a qualified firm with substantial public fund experience to provide comprehensive pension fund investment consulting services. The selected investment consulting firm will report to the Board and work closely with the Chief Executive Officer/Chief Investment Officer. The firm will serve in a fiduciary capacity and will acknowledge in writing the firm’s fiduciary status without qualification. In all cases the firm and its consultants will offer advice to PMRS solely in the interest of the plan participants and the beneficiaries of PMRS. The selected consulting firm is expected to provide the following services (and as described later in more detail): Policy and Portfolio Duties: Provide continuous review and recommendations regarding PMRS’ Investment Policy Statement (attached as Appendix B) consistent with best practices and PMRS’ portfolio structure relative to changes in capital markets and posture of similarly situated institutional investors. Provide monitoring of and recommendations concerning portfolio rebalancing, securities lending, brokerage and transaction costs, custodial arrangements, and investment vendor selection. Provide recommendations regarding PMRS Proxy Voting Policy (attached as Appendix C). Assist in preparation of legislative and regulatory reporting as needed. Assist in portfolio transition event considerations and with evaluating pre-trade analyses, post trade analyses, and proposals from transition managers. Conduct an asset-liability study at least annually or as needed. Senior or lead consultant must attend every meeting of the Investment Committee and Board of Trustees. Asset Allocation and Manager Selection Duties: Conduct annual strategic asset allocation review and assessment of capital market assumptions. Conduct portfolio structure, manager structure, and portfolio risk reviews as needed. Assist with evaluation of investment opportunities and manager selection. Provide asset class research, analysis, and recommend new asset classes as appropriate. Provide full access to all research and analytical software tools. Provide ongoing due diligence on existing investment managers including performance, risk, organizational changes, and compliance with contract provisions. Provide prompt and regular communication regarding important developments concerning existing investment managers.
