CORK - Consultants Hewitt Associates is facing a review at the €191m University College Cork Statutory Pension Scheme, based in south of Ireland.

The Irish university is tendering for the provision of consultancy and administration services "to enhance fee competitiveness and to avail of on-line service provision opportunities," said Claudia Manning of the university.

Hewitt acts as the consultant and as the administrator to the scheme and the university did not want to give any further reasons for the review.

The mandate will be awarded to "the most economically advantageous tender" in terms of economic and financial capacity, and technical capacity.

Also the university said that all tenders must be registered with the Irish Financial Services Regulatory Authority (IFSRA).

"Part of the appointed consultants remit will be to provide advice on investment including a review of the current allocation and fund choice," said Manning.

Tenders can send it requests to participate until October 16.

Meanwhile, Scottish Widows Investment Partnership (SWIP) has won a £150m mandate from the Isle of Man Government to manage a portfolio of assets for its National Insurance Investment Account, following the government's five-yearly investment review.

"The £150m mandate will be managed on an absolute return basis for which SWIP will seek to outperform the Bank of England base rate by 2.5% per annum over rolling three year periods," the firm announced.

SWIP's head of global strategy Ken Adams will be in charge of the portfolio, who will choose "global investment opportunities through a combination of successful tactical allocation and effective stock selection".