The City of Worcester Retirement System is searching for an active bank loan manager to run approximately $11m.
The $956m Massachusetts retirement system includes bank loans among the permissible asset classes within its fixed income bucket, for which it has a target allocation of 10%.
As of 31 December 2017, the most recent figures available, the system had an actual fixed income allocation of 23.2%, or about $221.8m.
According to the RFP, the city is looking for firms with at least $1bn under management, including at least $300m in bank loans with a five-year performance history.
Proposals are due by 3 pm ET on 23 November.
Consultant Meketa is assisting with the search.
A representative for the city’s retirement system did not immediately return a phone call seeking further information.
Worcester Retirement System seeking bank loans manager on HFM InvestHedge.