Centrica, Windsor, England, appointed Redington as strategic investment consultant for its £10 billion ($11.5 billion) in defined benefit assets, including oversight of its recently adopted OCIO agreement with Schroders Solutions.
The energy services provider runs three pension funds with more than 36,000 participants. The move to an OCIO model was announced in April, with Centrica's seven-person investment team led by CIO Chetan Ghosh joining Schroders Solutions as part of the deal.
Redington will oversee the implementation of the agreed strategy under the OCIO arrangement and will provide oversight and recommendations relating to how that relationship develops.
"After a rigorous selection process, it was clear that Redington's experience in helping large pension schemes achieve maximum value from OCIOs made them the right provider to support us on this transition and beyond," Allan Whalley, chairman of the Centrica pension schemes' trustees, said in a Redington news release.
Mr. Whalley could not be reached for further comment. Centrica spokesmen could not immediately be reached for comment. The previous investment consultant could not be learned.
Redington's pension fund clients have more than £600 billion in assets.
