UK - BACS, one of the world's largest automated clearing houses, has appointed Punter Southall as actuaries and administrators to its defined benefit (DB) pension scheme.
Punter Southall will now advise the BACS pension fund which has assets of approximately £67m and around 950 members and pensioners. According to the consultancy firm, the mandate from BACS was won on the strength of its service-led approach, reputation and technical systems.
Andrew MacRae, principal of Punter Southall, said: This appointment is further proof of the ongoing growth across the firm. We are delighted to have been selected by such a leading player and look forward to working closely with them.
Last week, Punter announced that it had expanded its US operations with the acquisition of the Massachusetts-based consultant, Higgins Associates, for an undisclosed amount. Mel Higgins, founder of Higgins Associates, was made principal at Punter Southall as part of the deal.
Founded in 1961, Higgins provides investment counsel, portfolio management, asset allocation, manager searches and portfolio risk and performance monitoring for more than a dozen clients in New England. Among its clients are state workers' compensation and insurance pools in Connecticut, Massachusetts, New York and Rhode Island; retirement plans for several cities, hospitals and unions; corporate pension and 401(k) retirement plans; and individual investors.
By Geoffrey Ho
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