DEFINED BENEFIT

Minnesota taps Aon Hewitt as consultant, keeps PCA for special projects

Minnesota State Board of Investment, St. Paul, hired Aon Hewitt Investment Consulting as the $80 billion board’s general investment consultant, contingent on successful contract negotiations.

Aon Hewitt will replace Callan Associates, which rebid for the contract.

Pension Consulting Alliance also was retained as the board’s special projects consultant.

Along with Callan, Aon Hewitt and PCA, other finalists for the general consultant mandate were NEPC, Meketa Investment Group and Verus Advisory.

An RFP was issued Aug. 15. The board approved the hiring of Aon Hewitt at its Dec. 1 meeting.