Seven firms were rehired to provide investment performance, cost monitoring and reporting services to U.K. local authority pension funds.
The firms were originally hired in May 2017 to build a framework used by U.K. local authority pension funds to reduce procurement time and cost.
A spokesman at the £3.6 billion ($5.1 billion) Norfolk County Council Pension Fund, Norwich, England, which led the search on behalf of a number of local authority pension funds, said CACEIS Bank, Mercer, Northern Trust Corp., Ortec Finance and Portfolio Evaluation were reselected for investment performance monitoring and reporting services.
Contracts were extended for one year and may be further extended up to March 31, 2028.
Pensions and Investment Research Consultants was also reselected for investment performance and comparison and reporting services, while CEM Benchmarking was reselected to provide investment management cost monitoring and reporting services. Contracts with PIRC and CEM will expire March 31, 2022.