COAERS Board of Trustees Selects RVK As General Investment Consultant

June 27, 2017

The Board of Trustees of the City of Austin Employees’ Retirement System (COAERS) today announced the selection of RVK, Inc. as its General Investment Consultant.  By a unanimous vote the Board authorized the signing of a contract with RVK that is effective July 1 and runs for an initial term of three years plus two potential extensions of two years each. 

 “We look forward to working with RVK and as we continue to evaluate the important aspects of our investment strategy, including our investment beliefs, asset allocation approach, and tolerance for risk” said Mike Benson, Trustee and Chair of the Board’s Investment Committee.

Chris Noak, Board Chair, said “COAERS would like to recognize Summit Strategies for its service to the plan as its consultant since 1999.  During this time the plan’s assets more than doubled and we are grateful for the many helpful recommendations that were provided by Summit.” 

This decision concludes this Request For Proposal (RFP) process, which was completed on schedule and included a number of key milestones:

  • September 2016:  issuance of RFP authorized by the Board
  • December 2016: fourteen proposals received in response to the RFP, which were evaluated using a rigorous analytical process performed by Staff. 
  • February 2017: Investment Committee narrowed the list to a group of five semifinalists and authorized additional diligence on these firms including site visits. 
  • May 2017: Investment Committee selected two finalists to present to the Board.
  • June 2017:  RVK selected by the Board to provide this strategic service. 

Among the key factors that contributed to the decision were governance, alignment, resources, experience with public pension plans, as well as the strength and cohesiveness of the proposed consulting team.  Contract execution brings to a close the “No Contact Period” associated with the RFP that was announced on December 15, 2016.  

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