US - The $650m (£458.5m) Ohio State Highway Patrol Retirement System (HPRS) is considering retendering for a disability benefits consultant, according to Dick Curtis, the fund's executive director.
Curtis said that retendering is just one of the options that the HPRS is considering, after rejecting bids on the grounds that they were too expensive. Curtis said that he currently is negotiating with three firms to see a compromise could be reached.
Additionally Curtis said that the HPRS has begun an asset liability study (ALS), and that new mandates could be put out to tender once the study concludes in November. Callan Associates is assisting the fund with the ALS.
Curtis also revealed that the fund is negotiating with seven brokerage firms to take over as broker for its 15 asset managers, and that it hopes to have one in place by the end of the month. Currently, the HPRS uses a commission recapture program for its US equity managers. The new appointment will replace that program.
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