`PRUDENT BUSINESS PRACTICE': Investment consulting clients asked to limit firms' liabilities; After insisting on limits on the actuarial side, Watson Wyatt, Towers Perrin, Milliman expand their efforts.(News)

Pensions & Investments, October, 2002 by Anand, Vineeta

Byline: Vineeta Anand WASHINGTON - Watson Wyatt Worldwide, Towers Perrin and Milliman USA have begun asking pension fund clients to accept limits on their liability from investment consulting. These firms have been insisting on similar limitations for actuarial consulting for a while, but only recently extended that to investment consulting as well.

Watson Wyatt's new policy surfaced during negotiations with the $2 billion District of Columbia Retirement Board. Barbara Blum, chairwoman of the DCRB investment committee, said fund officials weren't aware of Watson Wyatt's liability limits when they began searching for an investment consultant to replace CRA RogersCasey, Darien, Conn., which was sold earlier this year. ``We weren't aware of it until we...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.