new delhi retirement fund manager epfo will take a decision next month on hiring a consultant for initiating process of selection of new fund managers for its huge corpus of about rs 5 lakh crore according to agenda of the employees provident fund organisations epfo apex decision making body central board of trustees cbt meeting scheduled on january 14 the proposal for appointment of the consultant would be discussed and approved in the meet the consultant would also evaluate the performance of new fund managers and appoint a custodian and concurrent auditor for the epfo at present crisil is providing consultancy services to the epfo the existing four fund managers of epfo sbi hsbc amc reliance capital and icici securities primary dealership were appointed for a term of three years beginning september 1 2011 among the four managers sbi manages biggest chunk of fund with 35 per cent of corpus followed by icici securities primary dealership at 25 per cent hsbc amc and reliance capital manages 20 per cent each in the last bidding reliance capital had quoted a fee of 4 paise per annum for managing rs 10000 and was the second lowest bidder after icici securities primary dealership which quoted a rate of 3 paisa sbi had quoted a price of re 1 per rs 10000 per annum whereas hsbc amcs rate was 36 paise the cbt had approved the appointment of standard chartered bank as custodian of securities of epfo and chandabhoy and jassoobhoy of mumbai as external concurrent auditor for the body the epfo had appointed multiple fund managers for the first time in july 2008 for earning better rate of return on deposits for its over five crore subscribers during the twoandhalfyear tenure from september 17 2008 to march 31 2011 icici pru had provided highest yield return of 872 per cent followed by hsbc amc 864 per cent sbi 861 per cent and reliance capital 857 per cent against the benchmark yield of 852 per cent before july 2008 sbi was the sole fund manager for the retirement fund body since its inception in 1952