West Midlands Pension Fund, Wolverhampton, England, hired Hymans Robertson to oversee the annual formulation and review of the fund's strategic investment allocation benchmark, confirmed Brian Bailey, director of pensions at the £8.3 billion ($13.3 billion) fund.
The fund had previously hired firms as needed to perform the service but has moved to an annual service as part of a move to become more dynamic in its investing, Mr. Bailey said. Morgan Stanley Investment Management advised the fund in 2009, its most recent review.
The new benchmark is due by June; there are no current plans to search for new managers, Mr. Bailey said in an e-mail.
A search began in September 2010.