The successful respondent will be expected to invest the assets under its care in accordance with the requirements of M.G.L. Ch. 32 and the rules and regulations set forth by PERAC as well as the professional standards of a fiduciary. The manager's primary responsibility, however, will be to serve the Board in its fiduciary capacity regarding these funds. The investment manager will be expected to meet with the Board at regular intervals and to report to the Board at least monthly on the portfolio. The investment manager will be expected to invest in accordance with the goals and objectives of the Board and within the tolerance for risk established therein. Should the respondent ultimately be selected to manage assets on behalf of the Board, under the requirements of M.G.L. Ch.32, Section 23B, the contract must state that the manager is a fiduciary with respect to the Board’s funds and that the manager shall not be indemnified by the Board. Additionally, the contractual commitment cannot exceed seven years.
