Imerys U.K. Pension Fund, Cornwall, England, hired Aon as fiduciary manager for its £550 million ($673 million) in assets.
The industrial minerals production and processing company will receive implementation services and investment advice from Aon, a news release by the consultant said. Aon is also actuary to the pension fund and has provided investment advice to its trustees for more than 10 years.
Aon was chosen following a competitive procurement process.
"As trustee to the Imerys scheme, we had eight investment managers and it became clear that the time and resources required to effect a dynamic investment policy without an in-house investment team was becoming more and more onerous in a world of increasing regulation and investment risk," Edwin Bruce-Gardner, chairman of the trustees, said in the release. "We therefore required greater investment expertise."
Moving to an OCIO arrangement "was a natural progression," he added.
A spokesperson for Paris-based Imerys could not be reached for further comment.