Stanhope Pension Trust, Stafford, England, hired Redington Partners as investment consultant, confirmed Pete Harris, director of pensions at the £2.5 billion ($4.2 billion) fund.
The funds previous adviser was Watson Wyatt Worldwide, which helped Stanhope implement a liability-driven investing strategy, Mr. Harris said. Watson Wyatt continues to provide actuarial services to the fund.
The hiring followed a periodic review by the fund.
About 80% of the plans assets are invested in U.K. and overseas bonds. The remainder is spread among global equity, U.K. equity, real estate, hedge funds and leveraged loans, Mr. Harris said. The plan uses about 14 external managers.