North Dakota State Investment Board, Bismarck, hired NEPC as its asset allocation investment consultant.
The board had conducted an invitation-only search earlier this year for an investment consultant to provide advice specifically on the establishment of asset allocations for the funds it oversees, a spokesperson said. RVK was the other finalist.
The asset allocation investment consultant is a new service provider for the board, which earlier this year hired Verus Advisory to provide investment performance measurement and consulting services.
That hiring, announced on June 18, followed an RFP process that had been launched as a result of the pending expiration of the contract of incumbent general investment consultant Callan on June 30.
The board’s spokesperson said earlier in June that the board was moving to hire consultants for narrower mandates such as performance measurement or asset allocation rather than retain another general consultant due to the buildout of the board’s internal investment team.
Callan did participate in the asset allocation investment consultant search, the spokesperson said Dec. 10.
North Dakota State Investment Board oversees $23.3 billion in state assets, which includes its $11.6 billion Legacy Fund, $8.2 billion Consolidated Pension Trust and $3.5 billion Consolidated Insurance Trust.
