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Consultants

Aon Hewitt pulls plug on Vision liquid alternatives monitoring platform

Aon Hewitt Investment Consulting has decided to no longer offer a hedge fund monitoring service for its institutional investor clients called Vision, which was launched back in 2014.

The firm disclosed in its most recent Form ADV filing, dated March 29 that it had shut down its Vision platform. The move was listed as a material change at the company.

Aon pulled the plug in November on the platform, which monitored the daily holdings for liquid alternatives managed accounts in order to provide clients additional assurances that their hedge fund managers were not taking risks outside of the mandate of their investment policy, said David Kelly, a partner at the firm, on Thursday.

"It was available to our institutional investors for a fee (as) a premium service. … The Vision platform was a monitoring tool after a hedge fund manager was engaged for a specific mandate," Mr. Kelly said.

The decision to shut down the platform came after Aon recognized that clients were comfortable with the level of due diligence already offered by the firm's hedge fund manager research team, Mr. Kelly said. He declined to comment on whether the move to stop the service affected specific roles at the company.

Aon Hewitt Investment Consulting, a Chicago-based subsidiary of Aon PLC, provides investment advisory and consulting services to institutional investors.