Bureau to put out proposal seeking external investment consultant Print E-mail
July 22, 2005

RFP to be issued in August

(COLUMBUS) - The Bureau of Workers’ Compensation (BWC) announced today they will be issuing a request for proposal seeking an external investment consultant. The RFP will be issued in August.

“This process is a necessary step for BWC as we move forward with modernizing our investment operations and bringing greater accountability to investment decisions,” BWC’s interim Administrator/CEO Tina Kielmeyer said. “This is not a reflection of Callan Associates. Instead, it indicates our preference to evaluate all options toward finding a consultant that will help us responsibly manage the monies of Ohio’s employers and injured workers.”

Callan Associates has served as BWC’s investment consultant since 1996.

Earlier this week, the Oversight Commission approved a recommendation made by BWC to give consideration to Barclays Global Investors and State Street Global Advisors to oversee a passive index fund for any monies withdrawn or generated through liquidation of investments.

Also, JP Morgan Chase has agreed to assume all cash management responsibilities from the bureau effective July 25 at no cost. These functions were previously managed in house at BWC.

Ennis Knupp also is continuing the review process by sending every investment manager a survey asking for specific information as well as data regarding its performance and fee schedules. Knupp also have asked all managers to disclose any issues with the Securities and Exchange Commission or current litigation in which they may be involved.

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MEDIA CONTACT: Jeremy Jackson, Ohio Bureau of Workers’ Compensation, (614) 752-7558 or Emily Hicks at (614) 728-6197