Midcounties Co-Operative Pension Scheme, Warwick, England, hired Towers Watson as fiduciary manager, confirmed Edward Parker, secretary and head of governance.
This is the £145 million ($232 million) pension fund's first fiduciary manager. Mr. Parker said the “one-stop solution” appealed to the pension fund, and that Towers Watson will have full discretionary authority on investments.
“They also offered what we felt was a sensible approach to managing risk and a fixed fee,” Mr. Parker said in an e-mail.
Towers Watson replaces KPMG, which served as investment consultant.
