University of Glasgow, Glasgow, Scotland, hired KPMG to help with the design, development and implementation of a long-term funding plan for its defined benefit fund, the University of Glasgow Pension Scheme, said James Ross, head of pay and pensions at the university.
The pension fund has £340 million ($428.2 million) in assets, and Mr. Ross said KPMG is currently carrying out a full review of the pension fund’s investments and will provide a full strategy report for the next meeting of trustees.
The trustees want to move to an income-generating strategy, from its predominantly return-seeking portfolio.
A search was launched in July 2015, and this was the first search of its kind for the pension fund.
The pension fund’s asset allocation as of April 1, 2015, the latest available funding update, was 31% overseas equities, 30% government and corporate bonds, 21% in a diversified growth fund, 16% invested in U.K. equities, and the remainder in cash and other assets.
