Key Takeaways
- • Dakota's first-half 2024 tracker logs public plan consultant activity across 13 general investment consultant hires or renewals, led by the California State Teachers' Retirement System (CalSTRS, $331.4B AUM), which renewed Meketa.
- • Ohio Public Employees' Retirement System ($123B AUM) hired Meketa as general investment consultant, while New York State Teachers' Retirement System ($130B AUM) renewed Callan.
- • Los Angeles Fire & Police Pension System ($30B AUM) renewed RVK, and Fresno County Employees' Retirement Association ($6.3B AUM) hired NEPC as general consultant.
- • Meketa was the most frequent winner in the period, appearing in four general consultant decisions (two hires and two renewals), including San Joaquin County ($4B) and Baltimore ($1.9B).
- • Employees' Retirement System of Texas ran the broadest slate of specialist searches, covering hedge funds, private credit, private equity, private infrastructure, and real estate.
- • The article notes the merger of Mariner Wealth Advisors and AndCo Consulting, which it says is expected to combine Mariner's wealth management capabilities with AndCo's public plan consulting presence.
Summary
Dakota's review of the first half of 2024 documents a busy period for public pension consultant selection. Public pension funds, endowments, and foundations sought investment consultants to manage strategy and help meet long-term return objectives, with searches spanning general consulting and specialist mandates in alternatives, hedge funds, private credit, private markets, private equity, real assets, private infrastructure, and real estate.
Among the general consultant decisions, the largest plans included the California State Teachers' Retirement System, which renewed Meketa with $331.4 billion in assets, and the New York State Teachers' Retirement System, which renewed Callan with $130 billion. The Ohio Public Employees' Retirement System ($123 billion) hired Meketa, and the Los Angeles Fire & Police Pension System ($30 billion) renewed RVK. Fresno County Employees' Retirement Association ($6.3 billion) hired NEPC, and the City of San Jose Police and Fire Department Retirement plan ($5 billion) renewed both Meketa and Verus.
Smaller plans also made changes. The City of Grand Rapids General Retirement System ($460 million) hired Mariner to replace Wilshire, the Louisiana State Police Retirement System ($1 billion) hired Meketa, and the Gainesville Police & Fire Pension Plan ($275 million) hired AndCo. Several other plans renewed incumbents, including Marquette for the Employees Retirement System of Milwaukee County, NEPC for the Massachusetts Water Resources Authority Retirement System, and Graystone for the City of Dearborn Police & Fire Revised Retirement System.
The article also lists active searches. Many general consultant searches were open, including those from Marin County, Taunton, Charlotte Firefighters, Austin, Chicago's Metropolitan Water Reclamation District, Seattle, Hartford, Alaska, Philadelphia, Broward College Foundation, Weld County, Texas ERS, New York City Board of Education, Norristown, and Illinois Municipal Retirement Fund. Specialist searches included an alternative investment consultant for Hartford, a real assets consultant for Alaska, and real estate consultants for Maryland State Retirement & Pension System and Washington State Investment Board. The Employees' Retirement System of Texas appeared in five specialist searches. The article frames the Mariner–AndCo merger as a notable consolidation event in the consulting industry.
Among the general consultant decisions, the largest plans included the California State Teachers' Retirement System, which renewed Meketa with $331.4 billion in assets, and the New York State Teachers' Retirement System, which renewed Callan with $130 billion. The Ohio Public Employees' Retirement System ($123 billion) hired Meketa, and the Los Angeles Fire & Police Pension System ($30 billion) renewed RVK. Fresno County Employees' Retirement Association ($6.3 billion) hired NEPC, and the City of San Jose Police and Fire Department Retirement plan ($5 billion) renewed both Meketa and Verus.
Smaller plans also made changes. The City of Grand Rapids General Retirement System ($460 million) hired Mariner to replace Wilshire, the Louisiana State Police Retirement System ($1 billion) hired Meketa, and the Gainesville Police & Fire Pension Plan ($275 million) hired AndCo. Several other plans renewed incumbents, including Marquette for the Employees Retirement System of Milwaukee County, NEPC for the Massachusetts Water Resources Authority Retirement System, and Graystone for the City of Dearborn Police & Fire Revised Retirement System.
The article also lists active searches. Many general consultant searches were open, including those from Marin County, Taunton, Charlotte Firefighters, Austin, Chicago's Metropolitan Water Reclamation District, Seattle, Hartford, Alaska, Philadelphia, Broward College Foundation, Weld County, Texas ERS, New York City Board of Education, Norristown, and Illinois Municipal Retirement Fund. Specialist searches included an alternative investment consultant for Hartford, a real assets consultant for Alaska, and real estate consultants for Maryland State Retirement & Pension System and Washington State Investment Board. The Employees' Retirement System of Texas appeared in five specialist searches. The article frames the Mariner–AndCo merger as a notable consolidation event in the consulting industry.
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