UK - The Universities Superannuation Scheme has appointed DTZ Debenham Tie Leung as investment adviser and manager of its commercial property portfolio.
The property fund manager will take over the role from Jones Lang LaSalle, which will retain the same roles for USS’s retail division.
Drivers Jonas has been appointed planning adviser for the entire portfolio.
Fund surveyor Robert Walden said the move aimed to broaden the advice being received.
“Twelve firms were invited to pitch for the instructions but on the understanding that no one firm could win both.
“Given the size of the portfolio and the different skills required, we wanted to ensure we had good breadth of advice.”
The firms will both be responsible for the due diligence on all major transactions.
Walden said this would also allow the fund to become more directly involved in the market and take responsibility for overall portfolio strategy.
“We will be fully responsible for our own actions, whilst tapping into the best advice and research available.”
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.