Taft-Hartley Pension Plan OCIO Evaluation
Client & Objective
An organization with a Taft-Hartley pension plan and more than $10 billion in assets engaged North Pier to conduct an independent evaluation of its incumbent OCIO relationship. After major changes to the portfolio, the trustees wanted an independent assessment of the ongoing OCIO relationship, including the quality of service, the fees being paid, governance, and long-term investment results.
Process
North Pier conducted a deep evaluation of the incumbent OCIO relationship, followed by a detailed RFI to benchmark the incumbent’s fees and services against comparable providers.
The work began with document review, governance review, stakeholder interviews, and fiduciary education. North Pier then completed due diligence on the incumbent provider, reviewed historical investment performance, assessed fees and service models, and analyzed reporting, risk, and policy adherence.
The engagement’s second stage included an RFI to relevant OCIO firms to benchmark fees, service structure, staffing, organization, and related capabilities against the plan’s customized requirements. Findings were compiled into a written report to support trustee decision-making and document procedural prudence.
Results
–Confirmed that the incumbent was delivering strong service, marked by responsiveness, transparent communication, and a high level of trust.
–Validated that incumbent’s fees were consistent with the market median for a comparable scope of services.
–Provided the trustees with a well-documented, prudent, and independent process to evaluate the incumbent relationship and consider future options.