University of St. Andrews (Scotland) Superannuation and Life Assurance Scheme hired Aon Hewitt as investment consultant, actuary and administrator, said Lisa Harley, administrator for the £61 million ($94 million) fund.
No changes to the asset allocation or the investment manager lineup are planned, she said. The fund is due for a triennial valuation in 2012, so an asset allocation review might be done then, Ms. Harley said.
Aon Hewitt replaces Towers Watson, which previously handled all three tasks. A public search was started in June because officials believed they could get “more value for money” with another provider, Ms. Harley said. Towers Watson did not rebid, she said.