The Norfolk (MA) County Retirement System has issued an RFP seeking managers to oversee a $150M mandate in US opportunistic investment-grade fixed income, according to an announcement by Wainwright Investment Counsel, which is managing the search.
The system, which had approximately $1.5B in total assets as of September 30, is targeting an allocation of around $150M for the mandate, though it said the exact amount will be finalized at the time of funding.
The board's target allocation to US fixed income is about 15%, and it is specifically seeking a diversified strategy focused on US dollar-denominated, investment-grade securities. The strategy may allocate up to 20% of assets to non-investment-grade US fixed income. Importantly, only managed accounts and pooled funds will be considered, while mutual funds, passive strategies, long/short fixed income, and enhanced passive vehicles are excluded from the search.
Additionally, the board is looking for a manager with a portfolio duration of between 80% and 130% of the duration of the Bloomberg Aggregate Index, ensuring a focus on opportunistic yet risk-conscious management. The deadline for submissions is November 15.
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