Getinge Group, Getinge, Sweden, hired Hewitt as delegated consultant for its three U.K. pension funds with combined assets of £60 million ($93 million), a Hewitt spokeswoman confirmed.
The pension funds, sponsored by the group's three U.K. companies, are: Huntleigh Technology (1997) Pension Scheme; Pension & Life Assurance Plan of Arjo Ltd.; and Getinge U.K. Limited Pension Fund.
Getinge delegated all day-to-day pension investment decisions to Hewitt, which has discretionary power to design and implement a risk management program, to set asset allocation (within defined ranges), to adjust allocations based on medium-term views and to hire managers, according to a Hewitt news release.
JLT Benefit Solutions was previously the Arjo plan's investment consultant; the other plans did not use consultants, the spokeswoman said.
Officials at Getinge could not be reached by press time for further details.