Have you absolutely had it with navigating your way through Department of Labor Form 5500 filings in search of information about U.S. corporate pension funds?
Consultants at Rocaton Investment Advisors LLC, Norwalk, Conn., got so tired of the cumbersome process that they built a system to extract data into a more user-friendly format.
Now that system is available to outside users.
“There's nothing like getting data directly from almost all the corporate pension plans in the U.S.,” said CEO Robin Pellish, noting Rocaton consultants frequently used the distilled 5500 data for benchmarking everything from fees to asset allocation for their institutional client base.
Rocaton executives checked with their industry contacts and found money managers, smaller investment consultants and registered investment advisers were interested in getting access to the same data their internal consultants found so useful. “We aren't in the technology development business, so we decided to spin that business into a new company,” Ms. Pellish said.
The firm, RequiSight LLC, is run independently from separate offices in Norwalk and has its own CEO, Daniel Strachman. The DOL 5500 database, named RightPond, is available for purchase.
RequiSight will become an independent company by the end of the year, with Rocaton's partners as shareholders, Ms. Pellish said. Rocaton will continue to use the database its employees developed, she said.