UK - The £2.3bn Tyne & Wear Pension Fund has appointed Hymans Robertson as its investment consultant.
Watson Wyatt was the previous incumbent.
The fund had also replaced Watson Wyatt as its actuarial consultant with Hewitt Bacon & Woodrow after the former pulled out of the local authority market last year.
Stephen Moore, head of pensions at Tyne & Wear said: “Going forward, we think Hymans is the best equipped to provide the services that the fund requires.”
He added that the fund also planned to increase its allocation to private equity to 5% over a period of time, from the level of 1%. Currently, Tyne & Wear invests in funds of HarbourVest.
Moore added that he did not envisage any major changes in the fund’s strategic allocation in the near future.
Current asset allocation stands at 30% equities, 35% overseas equities, 27.5% bonds, 7.5% property and 5% private equity.
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