Norfolk County Council hired seven providers of investment performance and cost monitoring, and reporting services for a multiprovider framework for its local government pension scheme and on behalf of six other authorities, confirmed Nigel Keogh, national local government pension scheme frameworks operations and development manager for the council.
The council hired KAS Bank, Mercer, Northern Trust Corp., Portfolio Evaluations and Ortec Finance to provide investment performance monitoring and reporting services.
Pensions & Investment Research Consultants was hired to provide LGPS investment performance comparison and reporting services, and CEM Benchmarking was chosen for investment management cost monitoring and reporting services.
The council launched a search on behalf of the £2.9 billion ($3.8 billion) Norfolk County Council Pension Fund, Norwich, England, in December. The search was also conducted on behalf of Carmarthenshire, Essex and Staffordshire county councils' pension funds; Wirral Metropolitan Borough Council; the Environment Agency Pension Fund, Bristol; and the London collective investment vehicle, a pooled investment strategy for LGPS funds.