Asset Allocation, Consultants, Institutional Investors, Pension Funds, Public Funds

MOSERS Board to New Consultant: “Show Me”

The Missouri State Employees’ Retirement System (MOSERS) has hired Verus Investments as a Board Investment Consultant (BIC) to provide investment advisory and oversight services directly to its Board of Trustees. MOSERS has asked the BIC to present a proposed asset allocation/policy portfolio to the fund’s investment committee, which the fund says Verus has done.

According to the request for proposals for the mandate, the BIC will assist the fund’s Board in overseeing the system’s investment management functions, developing investment policy, and execution of Board-approved investment policy. The BIC will not provide advisory services to management and investment staff of MOSERS.

Verus’ role as MOSERS’BIC is a new one—it did not replace an incumbent consultant. Verus did, however, beat out eight other consulting firms for the mandate, according to MOSERS, namely:

  • ETB Consulting
  • Stifel, Nicolaus & Company
  • SECOR Asset Management
  • Wilshire Associates
  • Pension Consulting Alliance
  • Meketa Investment Group
  • Aon Hewitt Investment Group
  • Mercer Investment Consulting

The BIC search was prompted when MOSERS formed an Investment Subcommittee to assist in evaluating its investment program, according to MOSERS documents. One result of the evaluation was a recommendation that the Board issue an RFP for an investment consultant to provide dedicated investment advisory and oversight services directly to the MOSERS Board of Trustees. 

Eileen Neill, a managing director and senior consultant with the Verus, will represent the firm on the MOSERS mandate. Neill and other officials at Verus declined comment on the mandate.

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