MilitarySuper, Belconnen, Australia, hired Towers Watson as main investment consultant to the A$3.3 billion (US$3.17 billion) plan, according to Tony Hyams, fund chairman.
Strategic Capital Management, the plan's previous investment consultant, will continue to advise on specific areas. “We're not yet specifying what SCM will be doing,” Mr. Hyams said. “It's not necessarily specific investments, but rather specific areas. It's a continuing relationship which is in the process of being defined.”
MilitarySuper had a “broad and fairly exhaustive tender to look at the market” over about three months, he said, “and in the end, the board chose Towers Watson because they provided us with the best fit.”
MilitarySuper is the pension plan for current or past members of the Australian Defense Force.
Philippa Yelland writes for I&T News, Sydney.