London Borough of Croydon Pension Fund hired Aon Hewitt as investment consultant, said Nigel Cook, the borough’s divisional director for treasury and pensions.
Aon Hewitt will replace Mercer, whose contract with the £550 million ($915 million) fund will expire later this year.
The fund’s asset allocation is 50% global equities, 30% global bonds and the remainder invested in alternatives, including real estate, hedge funds and private equity. There are no immediate plans to change the investment strategy, although an asset allocation review by Aon Hewitt is likely later this year, Mr. Cook said.
The search was initiated in May.