Caffyns Pension Scheme, Eastbourne, England, appointed Willis Towers Watson to oversee the £60 million ($79 million) of assets held by the plan, according to a news release.
As fiduciary manager or outsourced CIO, WTW will be responsible for assisting the trustee board in implementing the plan's investment strategy. This includes access to WTW’s preferred third-party investment managers, the release said.
Caffyns is a network of car dealerships based around the south of England.
“The trustees were impressed with WTW’s understanding of the plan’s specific situation and proposal of a robust and competitively priced solution to help us over what will be a critical period,” said Mark Harrison, chair of the trustee board at Caffyns, in the release.
The procurement process that led to WTW’s selection was overseen by U.K. financial services business XPS Pensions.
