Municipal authorities in Iowa, Ohio and Massachusetts have reacted to a management shakeup at Wilshire Associates by considering steps to reallocate pension accounts collectively valued $58 billion, according to Bloomberg. The Massachusetts Pension Reserves Investment Management Board and the Iowa Public Employees' Retirement System are both evaluating contracts with Wilshire. The Ohio Police & Fire Pension Fund is preparing to accept bids for a new pension consultant. Stephen Nesbitt, a 23-year veteran of Wilshire, stepped down as head of consulting and funds management in February after his position was truncated into two roles by Dennis Tito, founder and CEO.
Tito named Julia Bonafide, 37, to lead the newly formed consulting division. Then, a pair of consultants Dennis Sugino and Kathy Barchick reportedly quit a few weeks later. Wilshire, a Santa Monica, Calif.-based company, advises investors with more than $2.5 trillion of assets, including Calpers, the California Public Employees' Retirement System, which manages $167 billion of assets.