London Borough of Waltham Forest Pension Fund rehired Mercer as investment consultant, confirmed Debbie Drew, pensions and treasury manager.
The £532 million ($842 million) fund began the search in November 2008 and selected JLT Group in 2009. However, a contract agreement could not be reached, in part because of JLT’s acquisition of HSBC Actuaries and Consultants announced in December 2009, according to Waltham Forest meeting minutes. So, in September 2010, fund officials decided to relaunch the search.
Mercer won out over fellow finalists JLT and AllenbridgeEpic Investment Advisers.
Ms. Drew said no manager searches are expected as a result of rehiring Mercer, as the firm has continued to serve throughout the extended search process.