Transport for London Pension Fund hired Towers Watson as investment consultant, according to a news release issued by Towers Watson.
According to the £5.5 billion ($8.9 billion) fund's latest annual report, Mercer was the previous consultant. Stephen Field, the fund's head of pensions and fund secretary, could not be reached for further information.
The fund's general strategic asset allocation was 40% overseas equities, 17% U.K. equities, 18% U.K. bonds, 18% U.K. inflation-linked bonds and the remainder mostly in cash, according to the annual report for the year ended March 31, 2010.
Towers Watson also was rehired as the fund's actuarial consultant.