Hammersmith & Fulham seeks investment advice
UK - The London Borough of Hammersmith and Fulham has formally initiated a search for an investment consultant for its £430m (€490m) local authority pension fund.
Members of the pension investment panel agreed in December to start a tender process for an investment adviser as the existing contract with P-Solve expires on 31 July 2009. (See earlier IPE article: Hammersmith prepares for 2009 adviser search)
A formal tender notice published by the council revealed the successful applicant will be expected to provide a full investment consultancy service to the pension fund, including the monitoring and appointment of investment fund managers.
Other duties laid out by Hammersmith & Fulham for the investment adviser included:Assistance and advice on asset allocation and the setting of appropriate benchmarks for the investment fund managers; Investment advice and reports on new or proposed regulations in the Local Government Pension Scheme as they arise; Advice on general investment policy, capital market regulatory developments and economic issues; Advice on all forms of alternative investments, such as private equity, hedge funds and property; Advice on the preparing, publishing and maintaining The Statement of Investment Principles in accordance with CIPFA guidance and Government regulations, and Advice on corporate governance policies.
The expected start date for the contract is 1 August 2009, with the mandate scheduled to last for four years until 31 July 2013, and it will be awarded to "the most economically advantageous tender in terms of the criteria stated in the specifications" - which are believed to include value for money and experience with local authority pensions.
Applications to tender for the role should be submitted by 23 March 2009, and further details can be obtained from Hammersmith and Fulham council.
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