The following are the duties and services that APERS/AJRS requires from the investment consultant: A. Public Markets Investment Manager Search, Recommendation, and Monitoring. 1. Assist the CIO with investment manager search, recommendation, selection, investment manager guidelines, and benchmark selection. a. When the CIO recommends an action, provide a memo, as appropriate, which includes an evaluation of the recommendation, and the suitability of the recommendation. b. Conduct full and independent investment and operational due diligence as requested by the CIO. Due diligence should be performed in a timely manner, and complete records of all due diligence items and procedures shall be saved and maintained by the investment consultant and provided to APERS upon request. 2. Maintain research for all AJRS strategies and for APERS public market strategies including investment and operational due diligence updated regularly. For any investment strategy not under current coverage, the investment consultant will establish research coverage within a year. 3. Provide recommendations concerning the process for investment manager research, selection, and subsequent due diligence. 4. Provide on-going monitoring, reporting, and analysis of existing investment managers’ portfolio attributes and characteristics. 5. Provide analysis and semi-annual commentary for public market managers under review. 6. Provide on-going monitoring and reporting with respect to investment manager’s compliance with investment guidelines and regulations. 7. Provide access to analytical software and/or online portals...
