The Retirement Board members (the “Board”) of the Norfolk County Retirement System (the “System”) are seeking Requests for Proposal from investment management firms to manage part of the System’s defined benefit plan assets in a U.S. Opportunistic Investment Grade Fixed Income product. The System’s target allocation to U.S. fixed income is approximately 15% and the total assets of the System were approximately $1.5 billion as of September 30, 2024, according to the Plan’s custodian. While the precise dollar allocation for this assignment will be determined at the time of funding, the allocation is expected to be approximately $150 million. The Board will consider separately only managed accounts and pooled funds. Mutual funds, passive, long/short fixed income or enhanced passive investment vehicles will not be considered. The proposed strategy shall be a diversified strategy (not sector strategies) that invests in U.S. dollar-denominated securities, primarily investment-grade securities, although a maximum of 20% of the strategy may be invested in non-investment-grade U.S. fixed-income securities. Lastly, the Board is seeking a manager with a duration between 80 and 130% of the duration of the Bloomberg Aggregate Index.
