University of Edinburgh hired Mercer as investment adviser for its endowment fund.
The investment portfolio was valued at £529 million ($694 million) as of Dec. 31, according to a notice filed with procurement website Public Contracts Scotland.
Mercer will set the investment policy and strategy, select money managers and monitor performance of the fund, the notice said. It will also advise on the investment program. While the fund's investment committee has expertise on asset allocation, Mercer will be expected to provide help on other areas of investment, such as infrastructure and manager selection, the notice said.
An RFP issued in March said the endowment fund's investment committee was "looking for (a consultant) who can make recommendations as well as stimulate debate around its investment strategy and objectives and support it in its key roles and responsibilities."
The previous investment adviser could not be learned. Spokesmen could not immediately be reached for comment.