South Carolina Retirement System Investment Commission, Columbia, will search for an investment consultant for the $26.2 billion pension fund.
Incumbent NEPC’s contract expires June 30, 2012, and must be rebid every five years as part of the fund’s normal practice, Sarah Corbett, a commission spokeswoman, said in an interview. NEPC can rebid, Ms. Corbett said.
The investment consultant’s RFP likely will be posted within the next few months on the fund’s website, Adam Jordan, a system spokesman, wrote in an e-mail. The website is www.ic.sc.gov.
The commission at its Nov. 17-18 meeting also directed staff to work with the South Carolina state procurement office to issue an RFP for third-party compensation consulting services. The scope of the consultant’s assignment includes salary and performance incentive compensation recommendations for commission staff.
Mr. Jordan did not provide a time line for the compensation consultant RFP’s release.
Separately, commissioners learned at their meeting that State Treasurer Curtis M. Loftis Jr.’s office soon will begin a search for a global custodian for the South Carolina investment commission, retirement system and treasurer’s office.
When Mr. Loftis took office in January, he mandated rebidding for all existing service contracts, William Leidinger, the treasurer’s chief of staff, said in an interview. Mr. Leidinger estimated that BNY Mellon has held the global custody contract for the state for about 20 years.
The global custody RFP is scheduled to be posted next week on the state treasurer’s website, and also will be sent directly to major custodians, Mr. Leidinger said. BNY Mellon may rebid for the five-year contract that will begin July 1, 2012, and has two possible one-year extensions.
The commission also increased its allocation to strategic partner Reservoir Capital Group to up to $750 million from $300 million, Ms. Corbett confirmed. The amount Reservoir has already invested and committed could not be learned.
It also made two private equity fund commitments: $40 million to Green Equity Investors VI and €30 million ($40 million) to BC European Capital IX. Pending additional due diligence, a preliminary commitment of $20 million was made to private equity manager Nexus Medical Partners, Mr. Jordan wrote in his e-mail.
Also, $30 million was committed to timberland specialist American Timberlands.