NOW: Pensions signs Redington as new investment consultant

NOW: Pensions, London, hired Redington as investment consultant to the trustee board, said a spokesman.

Redington will provide investment advice to the £400 million ($496 million) multiemployer defined contribution master trust, focusing on its £370 million diversified growth fund. It will also focus on governance issues.

Redington replaces KPMG, which had been the investment consultant since the establishment of the plan in 2011, the spokesman said.

Redington will also provide trustees with an independent analysis on producing the best outcome for Now: Pensions' 1.2 million participants.“The pensions market is rapidly evolving and as a master trust now operating with over 1 million members, we must ensure that our governance structure is continuously challenged and enhanced. We look forward to building a close working relationship with Redington, and have every confidence that their insight and experience will be of great benefit to the trustee board,” Nigel Waterson, chairman of the board of trustees, said in the release.