Alstom UK Common Investment Fund appointed Mercer to provide fiduciary management services to three U.K. pension schemes with assets totaling £1.6 billion ($2.1 billion), Mercer said in a news release Tuesday.
The three pension funds were legacy schemes of Bombardier Transportation, a Mercer spokesman said.
PricewaterhouseCoopers supported the Alstom trustees in a review of its in-house asset management arrangements and the hiring of Mercer, for portfolio management, operational and implementation support, according to the release.
With the Alstom appointment, Mercer's fiduciary business is now £58 billion in the U.K. and $415 billion in assets under management globally as of Dec. 31.
Common Investment Fund Chairman Ken Brundle said in the release that Mercer was selected "after an exhaustive and highly competitive tender process."
Dan Melley, partner and head of U.K. investments for Mercer, said in the release that the appointment "also reconfirms the momentum we have seen in the market of £1bn-plus schemes reconsidering their governance approach. We expect to see this trend continue."
Alstom Group spokesman Will Tanner could not immediately be reached for further information.
