Non-discretionary
IPS offers three levels of non-discretionary consulting services to help address a client’s need.
General Consulting Services (“GCS”)
Basic consulting services are offered through GCS. IPS reports on performance of total fund, investment managers, and asset allocation.
Services include:
- Trustee education
- Review and revision of investment policy statement and manager guidelines
- Quarterly investment performance evaluation and reporting
- Periodic asset allocation review
- Investment manager searches, as needed
- Commission recapture provider search, if needed
- Custody bank searches, as needed
- Attend quarterly Board of Trustees’ meetings
Master Consulting Service (“MCS”)
MCS is a proactive service designed to assist Trustees with their fiduciary oversight of plan assets. IPS makes proactive recommendations regarding asset allocation, rebalancing, and investment managers. In addition, IPS monitors separate account investment managers on a quarterly basis for compliance with the Fund’s investment policy. All recommendations are provided in writing.
Services include:
- Trustee education
- Review and revision of investment policy and guidelines
- Active asset allocation strategy recommendations
- Quarterly investment performance evaluation and reporting
- Investment manager searches, as needed
- Commission recapture provider search, if needed
- Custody bank searches, as needed
- Attend Board of Trustees’ meetings and any special meetings
- Quarterly portfolio compliance monitoring of investment managers
- Written recommendations to Board of Trustees
Expanded Master Consulting Services (“Ex-MCS”)
Ex-MCS encompasses all Master Consulting Services including investment policy work, performance reporting, investment manager and service provider searches, compliance monitoring, and active asset allocation reviews, but expands the role of the consultant. Under Ex-MCS, IPS would select investment managers for hire, thus eliminating the need for Trustees to conduct interviews. In addition, rebalancing recommendations could be made as frequently as on a monthly basis. All recommendations and actions taken are provided in writing.
Services include:
- Trustee education
- Review and revision of investment policy and guidelines
- Quarterly investment performance evaluation and reporting
- Commission recapture provider search, if needed
- Custody bank searches, as needed
- Attend Board of Trustees’ meetings and any special meetings
- Quarterly portfolio compliance monitoring of investment managers
- Active asset allocation strategy recommendations with expanded upper and lower ranges
- Investment manager searches, including manager selection
- Monthly “flash” reports
Implementation:
- On an ongoing basis, the consultant will recommend the rebalancing of assets, allocations to new asset classes, and identify specific managers to replace underperforming managers and/or hire for asset categories to an investment “Committee” to immediately act upon.
- The composition of the Committee would be determined by the Board of Trustees. A process will be determined by the Committee and IPS to allow for the timely flow of recommendations.
- The Committee will approve/reject the recommendations and decisions will be implemented in a manner similar to the MCS.
Written recommendations and executive summary of decisions provided to Board of Trustees.