UK - PSolve Investment Consultants is facing a review at the £340m (€503m) London Borough of Havering Pension Fund, which is looking for a new investment advisor.

The consultancy firm has come to the end of its term but will be asked to re-tender, said the council's corporate finance manager Mike Board.

"The contract expires next March, so we need to have a new contract in place and are re- tendering for the service," said Board.

The duration of the contract is three years, with an option to extend for another two years, commencing from April 1 next year.

Between four and six firms will be asked to participate, though no candidates have been selected yet. Requests to participate need to be sent in by September 20.

"Potential suppliers may be asked to produce an overview of services provided to the public sector over the last three years, and details of six clients receiving similar services," the fund said.

Among other things, the investment adviser will be expected to provide advice in setting an investment strategy, giving advice in the investment management structure, and in the appointment and monitoring of investment managers.

Havering is part of the London Contracts and Supplies Group (LCSG), a consortium made up of London boroughs, which come together to benefit from economies of scale.

In February, IPE reported that Morgan Stanley appointed Andrew Drake, then a principal at PSolve, as head of UK pensions.