Nord Anglia Education PLC, Cheshire, England, hired Investment Solutions as manager of its £11 million ($19.25 million) Lifetime pension program, confirmed Grant Stevens, pension officer. Insight Investment Management was the previous manager, handling the scheme's assets in a balanced portfolio. Nord Anglia officials wanted to use a multimanager approach. Clea Bourne, media relations manager at Insight Investment, said the firm had no comment.
Investment Solutions' parent, Alexander Forbes Financial Services, was hired by Nord Anglia as fund consultant, actuary and administrator, Mr. Stevens said in an e-mail. Alexander Forbes replaced Mercer Human Resource Consulting.
"The trustees do from time to time review the scheme's administrators and concluded on this occasion that Alexander Forbes (is) more appropriate to a scheme and fund of the size of Lifetime pension scheme," Mr. Stevens said.