Ealing re-tenders pensions investment consulting
UK - The London Borough of Ealing is reviewing Mercer's position as investment consultant to the pension fund, in line with its regulatory duty to do so.
A tender notice issued by local authority states officials are re-tendering the existing contract on the £550m (€701m) pension fund which runs out next April, and are inviting applications as "The London Borough of Ealing has identified the need to develop and implement a Pension Fund Investment Advisory Service".
The contract is to assist the pension fund and brief officials "when making decisions or monitoring performance in this specialist area" and will run for three years from April 1, 2009 but could be extended for a further two years if officials feel it appropriate, according to the document.
Details of the fund's June 2007 Statement of Investment Principles confirm Mercer is both the investment consultant and actuary to Ealing.
It is anticipated officials will limit the number of potential candidates to a maximum of seven firms, according to the tender notice, and the contract will then be awarded to the most economically advantageous service, based on its criteria.
Submissions to the pension fund tendering process must be received by the fund no later than September 10, 2008.