Massachusetts Pension Reserves Investment Management Board (Mass PRIM) is planning to abolish the use of a general real estate consultant as it believes its current project-specific consultants are best suited for the services needed.

The pension fund is seeking board approval, on 1 December, which would mean replacing its general consultant, The Townsend Group, with consultants that can advise on specific projects, such as investment policy reviews, portfolio allocation and new strategy reviews.

Mass PRIM said the new project-based consultant model is expected to lead to more than $2m (€1.7m) in savings over the next five years once adopted.

The pension fund already uses a number of project-specific consultants and is considering adding Buckhead Resources, Coast and Harbor, Hamilton Lane and Meketa Investment Group onto its bench of potential firms.

The existing consultants include Aberdeen Asset Management, Bard Consulting, Callan, Chatham Financial Group, Eigen 10 Advisors, Harvest Capital Partners, Legacy Appraisal Services, RCLCO Fund Advisors and Real Estate Fiduciary Services.

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