MAG Pension Scheme — a new £100 million ($151 million) defined benefit fund based in Manchester, England — hired Buck Consultants as investment consultant, said Mark Cliff, head of pensions.
MAG Pension Scheme was set up earlier this year following Manchester Airports Group PLC's acquisition of Stansted Airport from Heathrow Airport Holdings, formerly known as BAA. The new DB fund was created as a condition of the sale, which was announced in January. The pension fund has about 850 members but is closed to new members, Mr. Cliff said.
Buck Consultants will assist in the fund's initial asset allocation strategy, followed by manager appointments.
