Orange County Employees Retirement System, Santa Ana, Calif., is searching for an operational due diligence service provider, spokesman Robert Kinsler said in an e-mail.
The $12.1 billion pension fund issued an RFP for a provider to “conduct a detailed review of the internal controls, investment operations, trading processes and controls, third-party service providers, personnel background checks, role of fund directors and regulatory reviews of selected investment managers,” the RFP said.
There is no incumbent provider. Mr. Kinsler said the pension fund has conducted one similar ad hoc review in the past and will determine “whether to engage one or more firms on retainer vs. selecting individual engagements from a pool, once we see their proposals.”
He added that the pension fund expects its use of these services will be sporadic.
The RFP is available on OCERS’ website. Proposals are due at noon PDT on June 17. Finalist interviews with the pension fund’s investment committee are scheduled for Aug. 24. A timetable for a decision was not available.
