University of Utah, Salt Lake City, hired HUB International as investment consultant for the Utah System of Higher Education's 401(a), 403(b) and 457 plans.
The university issued an RFP in December on behalf of the eight universities in the system for a consultant to provide ongoing investment advice to the universities' retirement plans, which have combined assets of $6.7 billion, according to the RFP posted on the BidSync procurement website.
A total of 12 firms submitted bids, and HUB International was determined to be "the highest scoring proposal and the best overall value to the institutions," according to a letter of intent to award on BidSync.
Whether the plans had a current consultant was not available. The original RFP said the consultant would complete an overall assessment of the retirement plans' record keepers and the combined 441 investment options they offer and continue with the system to provide ongoing services, including the establishment of investment policies for those plans that lack one. The current record keepers among the 24 plans include AIG Retirement Services, Fidelity Investments and TIAA-CREF.
Officials at the university system could not be immediately reached for further information.