New Clients

The $26 billion South Carolina Retirement Systems hired Independent Fiduciary Services ("IFS") to evaluate the System’s investment operations and accounting infrastructure. This project will be carried out by the IFS Operational Review practice. IFS was officially engaged on December 19, 2007.

The Board of Trustees of the United Furniture Workers Pension Plan, headquartered in Nashville, TN, selected IFS to provide on-going investment advisory services such as asset allocation advice, manager selection recommendations, and performance measurement services. The contract was finalized on December 17, 2007.

IFS was hired as a retainer consultant by the following funds to provide ongoing advice and recommendations regarding investment policy, asset allocation, investment manager search, risk controls and performance reporting and evaluation:

• Freight Drivers & Helpers Local 557 Pension Fund
• Freight Drivers & Helpers Local 557 Health & Welfare Fund
• Electrical Workers Local No. 26 Pension Trust Fund
• Local 8 IBEW Retirement Plan and Trust

IFS has been appointed to serve as independent fiduciary for the Solutia, Inc. Retiree Welfare Trust. This VEBA is being established to support Solutia's ongoing obligation to provide health and related benefits to retirees, including 20,000 pre-1997 retirees from Solutia's predecessor company Monsanto, now known as Pharmacia. Solutia is a global manufacturer of chemical-based materials for industrial and consumer use. The VEBA is expected to have $200 million in assets.

The Board of Trustees hired IFS to perform a broad scope independent Operational Review that will review the $30 billion Systems' investment-related organizational structure, current investment program and service providers, internal controls and risk management as well as assess the Systems' ability to carry out investment-related functional activities effectively and efficiently.

Last year, as reported in the international press, a provincial retirement fund in Shanghai suffered a major scandal regarding abuse of its investment assets. That led the central government to consider legislation to enhance governance of the investment programs of provincial funds across the country. Through funding from the Asian Development Bank, IFS is advising the Legislative Affairs Office of the State Council of The People's Republic of China on those possible enhancements, drawing on comparative pension investment systems around the world.

IFS has been appointed as an ongoing advisor to the 401(k) Administrative Committee of a global commercial real estate services firm. In this capacity, IFS continues to monitor the company's performance and provide advice to the Committee as to whether the company's stock remains an appropriate investment option for the firm's 401(k) pension plan participants.

The board of trustees of the ATU Local 1181 (in New York City) Pension Fund hired IFS to conduct an Operational Review of its investment program and practices; the review will include examining the funds asset allocation, the regular investment consultant, custody, manager search process, costs, and related matters.

The Board of Trustees of the Millwrights Local 1102 Pension Fund in Warren, MI (a suburb of Detroit) hired IFS as its ongoing investment consultant, to advise on a wide range of investment subjects including asset allocation, investment structure, investment manager search, investment performance reporting and risk controls.

The Arizona State Treasurer’s Office hired IFS to conduct an Operational Review including the $2.36 billion Arizona State Endowment Fund’s investment strategy.