UK - Hewitt Bacon & Woodrow is aiming to become the UK's best provider of pension administration services.
The strategy comes in marked contrast to many other actuarial and investment firms which are looking to add value through multi-manager services.
HBW, though, insists it has no interest in setting up a multi-manager service.
Hewitt Associates is the biggest provider of pension benefits in the US and globally administration services make up 50% of its operations. In the UK, administration accounts for 20% HBW’s operations – a figure it intends to expand.
HBW managing director Richard Moore believes the UK will follow the US trend towards companies outsourcing all benefits administration, with the move towards defined contribution increasing the need for such services.
The UK operations will benefit from access to Hewitt’s large-scale investment in new administration technology and from its experience of behavioural trends in the US marketplace.
Moore added that HBW’s commitment to admin meant that it had a better idea of what could be implemented, so that its advice was more likely to be practical than its competitors.
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