Independent Fiduciary Services on Monday introduced fiduciary and operational review services for public defined benefit plans with assets from $250 million to $5 billion, the company said in a statement.
The service — PERFORMi, or Public Employee Retirement Fiduciary and Operational Review Module for Investments — aims to reduce high costs that might have deterred such funds in undertaking fiduciary and operational reviews, the statement said.
PERFORMi “includes all key subjects typically included in a fuller-scale investment best practices review,” the statement said.
The service, using Internet technology and IFS' proprietary practices and risks database, provides boards of trustees an “affordable way of diagnosing and managing risk and fulfilling their fiduciary duties,” Samuel W. “Skip” Halpern, IFS president, said in the statement. “Small and midrange funds have most of the same needs as the larger funds but so often have fewer resources to meet them.”
IFS provides investment consulting, independent fiduciary and fiduciary operational review services.