The National Farmers' Union of England and Wales (NFU) Staff Pension Scheme has appointed Russell Investments as fiduciary manager after an open tender.
Trustees at the £100m plan decided to move away from a traditional investment model to a fiduciary manager in a bid to improve the speed of investment decision-making.
PTL independent trustee Kim Nash conducted the tender from March to May where six firms were shortlisted and Russell Investments came out on top.
Russell Investments is now tasked with helping the trustees achieve their long-term investment goals.
NFU director of finance and business services Ken Sutherland said: "Russell Investments won hands down and we were impressed by their market leading capability to address the challenges facing defined benefit plans and getting to full funding over our desired timeframe. We have been very pleased with the outcome of our search and are impressed by the progress made so far."
Russell Investments' head of UK institutional and Middle East Jim Leggate added: "We are pleased to be partnering with the NFU Staff Pension Scheme as their dedicated fiduciary manager. With trustees' time under increased pressure, there is a need to consider delegation.
"By working with Russell Investments, the scheme will benefit from the expertise of an extensive team of investment specialists supported by an experienced team with impressive industry experience."
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