U.K. Power Networks Group of the Electricity Supply Pension Scheme, Peterborough, England, hired BlackRock to provide fiduciary management, said a spokesman for the £4 billion ($5.1 billion) pension fund.
The group trustee previously had an investment advisory governance model, the spokesman added. Cardano was the plan's investment adviser formerly, he added.
BlackRock will advise, design and implement the group's asset allocation and manager selection across all asset classes.
Training, education and guidance to trustees will also be provided by BlackRock in addition to transition management services.
"We were seeking a partner who could help us design and manage an investment strategy aligned to our funding objectives. Throughout the tender process, BlackRock gave us confidence that we could trust them to be our long-term partner," said Michele Hirons-Wood, head of pensions, in a news release.
Consultant IC Select assisted. No RFP was issued.