The Merseyside Pension Fund and the London Borough of Lambeth Superannuation Fund have appointed numerous consultancy firms to advise them on different aspects of their fund management.
Peter Wallach, head of pensions at Merseyside Pension Fund, said: "We will be reviewing a number of mandates over the next three years and we are required to review them under EU procurement laws.
"In order to do that, we have appointed a framework of consultants so we can select the most appropriate consultant for the type of mandate we are looking at."
The £779m London Borough of Lambeth Superannuation Fund has appointed Xafinity to advise on investment strategy and the investment consulting arm of Mercer to help with manager selection; Hymans Robertson was reappointed to provide actuarial services.
Previously, the fund used Hymans Robertson's London office for actuarial as well as consultancy services, with Alistair McKissack as lead investment adviser.
Olu Akinrinmade, senior accountant at Lambeth Superannuation Fund said it had changed advisers for reasons of good governance and to be "in line with the Morris Review and Myners Principles".
Sam Gervaise-Jones, business development director at investment manager search firm bfinance, said that just as in the last few years pension funds' asset management arrangements had been shifted from balanced to more specialist mandates, the same "best in breed" approach was now being applied to external advisers.
David McCourt, policy adviser: investment and governance, at the UK's National Association of Pension Funds, commented there had always been separate consultants advising on different aspects of fund management, but these had often come from within the same firm.
He stated: "An investment consultant can give expert general advice to trustees, but if there is a need for specific advice then they will source additional advice as and when they need it."
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