UK - Actuary Punter Southall has won its first local authority client - the £700m Dorset County Council Pension Fund.
Punter Southall has publicly announced its intention to break the stranglehold on local authorities held by top actuarial firms and has headhunted Graeme Muir and Alison Hamilton, both actuarial specialists, from Hymans Robertson.
And the firm’s investment consultancy division, PSolve, has already acquired 10% of the local authority market with help from Muir.
Chairman Stuart Southall said: “Establishing a robust presence in the local authority market has always been a key element in our strategy.
“The early success which PSolve achieved provides us with a platform to extend our range of services to the local authority pension fund market.”
He added: “We are delighted that Dorset has appointed us to provide actuarial services to their fund.
“I know that Graeme and Alison are looking forward to working with officers and elected members and tackling the challenges that lie ahead.”
Watson Wyatt was the outgoing actuary at Dorset County Council and it is also under threat in its position as the consultant for the £1.8bn Essex County Council Pension Fund.
The scheme is going out to tender for both actuarial and investment consulting services later this year.
Additionally, the £1.5bn Staffordshire County Council Pension Fund is looking to hire an actuary on a three-year contract, with the option to extend it for a further two years.
Staffordshire’s current actuary is Hymans Robertson.
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