Recently Completed Projects

IFS recently completed an assignment as independent fiduciary and investment manager for a portion of  The Dow Chemical Company Employees'  Savings Plan.  <

IFS has completed advising the Federal Agricultural Mortgage Corporation (“Farmer Mac”) on its “Liquidity Portfolio.”  Farmer Mac is comparable to other federally-chartered corporations that facilitate mortgage financing, such as Fannie Mae and Freddie Mac (residential mortgages) and Sallie Mae (student loans); Farmer is active in agricultural loans and mortgage securitization.

In July, 2008 the Wyoming Legislature requested an independent overview of specified operational policies and procedures of the Wyoming Retirement System Plan. The Wyoming State Auditor entered into an agreement with IFS to perform the independent overview.

Independent Fiduciary Services (IFS) served as independent fiduciary to numerous ERISA plans sponsored by AMR Corporation (parent of American Airlines).  Our role as the “independent third party” on behalf of the Plans is highlighted in the following excerpt of a public announcement from AMR:  

In Beijing, in late 2007, Independent Fiduciary Services (IFS) President Samuel (Skip) Halpern assisted the Asian Development Bank (ADP) in presenting a seminar to the Office of Legislative Affairs of the People’s Republic of China, concerning investment of pension assets for governmental retirement systems.

IFS recently completed performing an Operational Review for the Arizona State Treasurer’s Office, which included the $2.36 billion Arizona State Endowment Fund’s investment strategy.  The final report was issued in February 2008.

The following three projects were completed by the IFS Operational Review practice in the 4th Quarter of 2007:

Over the course of 2007, IFS advised The World Bank regarding governance of the investment programs of a series of institutional funds of a nation in East Asia. IFS has just completed that assignment, culminating in proposed legislation for governing those funds. Separately, IFS continues working on an Asian Development Bank project, advising the People's Republic of China on governance of the investment programs of their provincial retirement systems.

IFS recently completed an Investment Review of the Ohio Operating Engineers Pension Fund. This strategic investment review of the Fund's investment program and practices outlined IFS' evaluation and recommendations to the Board of Trustees regarding investment policy statement, asset allocation & investment structure, alternative investments, investment consultant's services, investment manager guidelines, historical investment performance benchmarks, and investment-related costs and fees.

IFS completed an operational review of the defined benefit pension plan of a Fortune 500 diversified manufacturing company. As part of the assignment, IFS reviewed the plans'governance structure, investment policy, asset allocation, and investment performance. The project took just under three months to complete. A brief, high-level report was issued to the client.