US - The Massachusetts Pension Reserves Investment Management Board (PRIM)is retendering its contract for a general consultant.
Currently, Wilshire Associates is PRIM’s general consultant. While the board is retendering its general contract per standard procedure, PRIM executive directorMichael Travaglini cited as a secondary issue the 2004 departure of Stephen Nesbitt,who resigned as head of the consulting division after Wilshire reorganised its managementstructure by partitioning consulting from the fund management division.
“Wilshire are bidding, we would like them to bid, but this is a way for PRIM staff totest what the market place is like now,” said Travaglini.
PRIM is also tendering for a firm to provide absolute return consulting services including absolute return allocation strategy, evaluation, planning, reporting, analysis and manager due diligence and oversight.
However, PRIM has invited consultants applying to the general consultancy RFP alsoto apply for the absolute return bid if they are capable of providing such services,Travaglini added. Currently, NEPC is the absolute return consultant.
In addition to Wilshire and NEPC, PRIM uses Pathway Capital as alternative investment consultants, and the Townsend Group and Morris & Morse for real estate consulting services.
PRIM also issued a second RFP for proxy voting services. Currently, InstitutionalShareholder Services provides proxy services for PRIM.
“New firms have entered the market so we’re just trying to see what’s out there,”Travaglini added.
PRIM is the supervisory board for the state’s Pension Reserves Investment Trust Fund, the US$36bn pooled investment fund for the Massachusetts State Teachers’ and Employees’ Retirement Systems.
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