North Pier was engaged to assist a hospitality company that acquired a property with a $17 million existing frozen defined benefit plan. Benchmarks revealed that the portfolio was under-performing, and the traditional advisor’s fees were above market. The plan sponsor’s investment committee had little to no experience with making investment decisions for DB plans and wanted to investigate ERISA §3(38) OCIO management as a means to mitigate liability.
- Sourced data and administered a Request for
Information from over 40 qualified investment
managers
- Administered an RFP and performed detailed
due diligence
- Reviewed performance track records and
performed in-depth investment analysis on six
top-notch OCIO candidates
- Assisted in the selection of three finalists;
moderated, organized, and coordinated the
finalist presentations and selection conference
- Negotiated and reviewed fees and contracts
- Provided oversight during asset transition
- Committee selected an OCIO manager and
was able to comfortably transition investment
responsibilities
- Transitioning to an OCIO resulted in the plan
reducing investment fees by over 50% compared
to their traditional advisor model
- The transition to the new OCIO fund manager
was accomplished without a hitch