New Clients

The Fund has hired IFS to assist its Board in implementing its new Policy Statement and Protocols regarding securities class action litigation.

Consistent with the interests of several benefit plans sponsored by AIG, IFS has been hired to conduct an in-house asset management (INHAM) exemption audit with respect to investment management services AIG Global Investment Corporation provides to the plans.

The Fund hired IFS as an independent fiduciary and investment manager to effectuate a sale of a mixed-use real estate development. IFS was appointed pursuant to a consent decree the Fund entered with the U.S. Department of Labor.

The Office of Inspector General hired IFS to assist in evaluating aspects of the process by which PBGC sold its rights to shares of common stock of UAL Corporation in early 2006. As previously reported in the press, PBGC sold those claims to Deutsche Bank for $450 million.

The board of trustees for these Funds hired IFS to examine the structure, costs and trading practices of its existing consulting and brokerage "wrap" program.

PERS Nevada hired IFS to review its investment programs with a focus on the investment police statement, asset allocation, investment management structure and investment performance.

The City of Oakland PFRS hired IFS to complete a comprehensive Operational Review and evaluation of its governance and management structure.

MOSERS hired IFS to conduct a fiduciary performance review of the Board's governance and investment program compared to best practices.

The Asian Development Bank hired IFS to advise the National Social Security Fund of the People's Republic of China on its legal framework and governance. Based in Beijing, the Social Security Fund is currently valued at approximately $24 billion and is solely an "asset side" investment program; responsibility over processing and payment of benefits lies elsewhere. The Fund is designed to close the gap between pensions promised to employees of state owned enterprises versus the assets available to pay them.

The board of trustees of another collectively bargained, retiree medical fund hired IFS as its ongoing investment consultant. The fund is designed as a "voluntary employee beneficiary association" or VEBA. This is the third retiree medical fund which IFS advises.