UK - Consultant Barnett Waddingham has been appointed as actuary and investment consultant to the £960m Somerset County Council pension fund.
The firm replaced existing consultant Hewitt Bacon & Woodrow following a tender towards the end of last year.
A spokesman for the pension fund explained the rationale behind the tender.
“We were perfectly happy with the existing actuary but we had already extended that contract twice and procurement requires us to periodically review major tenders,” he said.
Barnett Waddingham has been appointed for six years with the opportunity to extend.
By Lisa Haines
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