Marin County Employees Retirement Association, San Rafael, Calif., terminated Plan Sponsor Exchange (formerly Asset Strategy Consulting) and will be seeking a new consultant, said Norman Klein, administrator. The firm was dismissed because the $945 million pension fund wants a full-service consultant and seeks to avoid potential conflicts of interests.
With Asset Strategys sale, announced last week, it is reducing services to clients, posting its manager data base on the web and cutting fees. Its new parent receives substantial revenue from money managers. We dont have a chief investment officer, we dont have internal investment staff, Mr. Klein said. He added that he doesnt believe any conflict would occur at Plan Sponsor Exchange, but that a public fund must avoid any potential conflicts.
Lawrence Davanzo of Plan Sponsor Exchange denied there is a confict and said the firm is helping Marin County find a successor.