Aloha State Chooses New Consultant
February 13, 2007
The $10.5 billion State of Hawaii Employees' Retirement System has selected Pension Consulting Alliance (PCA) as its new general investment consultant.
PCA replaces Callan Associates.
"Callan had an extremely successful relationship with the Hawaii ERS," said Nancy Milanowski, spokeswoman for Callan, noting that the plan's investment program experienced outstanding growth during its time with Callan. "Callan would like to work with the Hawaii ERS again in the future."
Reportedly, the deciding factor for the fund was that PCA's services would be more cost efficient for the plan, with fees costing $975,000 for the new three-year contract, while Callan was paid $1.56 million for its three-year contract.
The search was launched last June when the plan issued an RFP (See IMW, 6/5/06).
Further details regarding the selection could not be ascertained, as calls to David Shimabukuro, administrator for the fund, were not returned by press time.
Separately, the Hawaii ERS' board was also scheduled to discuss a proposal made by the state's governor, Linda Lingle, regarding a potential $100 million investment at its Feb. 12 meeting.
The governor had proposed putting roughly 1% of the plan's total assets--or $100 million--into local technology companies in an attempt to generate returns and create more jobs in the state.
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