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Board told BlackRock review, Northern Trust steps remain in progress; RFP stalled until December
Summary
Trustees were told internal reviews with BlackRock and Northern Trust are underway but not complete; administrative workload from a Workday implementation means the RFP drafting is delayed until early December.
Trustees were told that implementation work with new managers remains in process. The Asset Consulting Group presenter said the BlackRock international passive allocation is still undergoing internal review from the county team, and Northern Trust work is similarly in progress on the small-cap side.
Board members expressed frustration at the pace and urged staff to accelerate responses where possible. The chair and other trustees said the board has limited authority to speed internal county processes.
Separately, the county staff member leading the RFP work said the procurement is delayed because of the county’s Workday rollout and staff turnover; she asked for patience and said she expects a draft in early December. She cited personal time pressures and recent turnover in HR and finance positions as reasons the RFP cannot be completed before then.
Why it matters: Manager onboarding and RFP timing affect the board’s ability to implement approved asset allocation changes and to put contracted mandates into place.
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