Ohio BWC Board Of Directors Selects New Investment Consultant

Columbus, OH  (CompNewsNetwork) - The Ohio Bureau of Workers' Compensation (BWC) Board of Directors today unanimously approved the hiring of Mercer Investment Consulting, Inc. as the bureau's full-service investment consultant.

"Mercer's extensive experience consulting for public funds and knowledge of insurance and investment consulting brings a new level of acuity to BWC's strategic planning," said BWC Administrator Marsha Ryan.

The choice of Mercer, of Chicago, Ill., came after a rigorous, three-month process that included the evaluation of 12 proposals and interviews with several consulting firms. The six members of the BWC Investment Committee, as well as its Chief Investment Officer and Director of Investments served on the evaluation committee.

The BWC will contract with Mercer for an initial term ending June 30, 2009 at a monthly fee of $39,583 ($475,000 annualized) with two additional one-year terms exercisable at the sole discretion of BWC at an annual fee of $490,000.

Mercer is one of the largest investment consulting firms in the United States and globally with more than 1,800 clients worldwide, including 45 U.S. public sector clients. One lead consultant assigned to BWC has served as chief investment officer of several insurance companies, while the other lead consultant is the national public funds leader for the firm.

Additionally, BWC staff will tap Mercer's expertise as operations consultants as the bureau strives to implement the best practices in investment-related operations and administrative processes and controls with external vendors.

In other action, the BWC Board of Directors approved rules controlling renewals of employer coverage, personal information systems and the Public Employment Risk Reduction Program (PERRP).

Share This Article: