Denver water board drops consultant

The Denver Board of Water Commissioners terminated Innovest as investment consultant to its $180 million pension plan because of budget constraints; the duties will be handled internally, said Kathryn Kempke, manager of treasury operations. The board in June issued an RFI for a new consultant because officials had not looked at other firms in five years; the board did not follow that process with a search, as had been planned, she said. Innovest was also the consultant to the board's 401(k) and 457 plans, which have combined assets of $34 million; those duties also will be handled internally.