The California-based pension fund has appointed Ennis Knupp & Associates as its general investment consultant, replacing the incumbent Callan Associates. The contract is for a period of three years with the option for two, one-year extensions. Callan Associates began its consulting relationship with SDCERS in May 2007 for a period of three years. SDCERS issues RFPs every three to five years as contracts reach their expiration date.
The RFP was issued on January 25th 2010. SDCERS received responses from nine investment consulting firms, with the other finalists for the mandate being R.V. Kuhns & Associates and Callan Associates. Two of the mandatory requirements for the finalists were: (i) for at least five years, the investment consulting firm must have provided investment consulting services to at least three defined benefit public retirement systems, each of which must have had at least USD 3 billion in assets; and (ii) the consultant assigned to SDCERS as the primary consultant must have a minimum of ten years’ experience in the public/private defined benefit pension fund area.
The firm will serve in a fiduciary capacity, some of Ennis Knupps & Associates’ duties will be to help SDCERS with its long-term investment policy, objectives and strategy; aid with manager search and selection; conduct an asset/liability study every three years; conduct an annual asset allocation review; and evaluate total investment portfolio performance.
Ennis Knupp & Associates is a Chicago-based investing consulting firm that has around 160 clients, approximately 25% of whom have investments in private equity, with the majority served on a non-discretionary basis, although it also offers a discretionary service. Ennis Knupp advises on aggregate client assets worth over USD 1 trillion, and its clients include public pension funds, endowments and foundations.
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