Government Employees Pension Service, Gangnam, South Korea, hired global consultant Towers Watson to help expand and diversify its overseas alternative asset allocation, confirmed Paul Deane-Williams, a spokesman for Towers Watson.
Towers Watson signed a memorandum of understanding with the 5 trillion Korean won ($4.8 billion) public pension fund, which provides retirement benefits to more than 1 million government employees. It will help the fund to review new investment opportunities and potential investment managers.
According to Towers Watson's release, GEPS this year expanded its alternatives allocation to include overseas real estate, private equity and hedge funds, but is yet to invest on a meaningful scale.
GEPS officials could not be reached for comment by press time.
