The pension scheme of UK car maker Jaguar has handed pension consultant Towers Watson a fiduciary management responsibility which includes investment manager selection and asset allocation.
The ‘delegated relationship’ between the £2 billion (€2.3 billion) pension fund and the consultant comes three years after the two organisations started working together.
Fiduciary management involves a range of investment services (including asset allocation, manager selection and investment operations) delegated to an investment services provider who is responsible for the day-to-day management of assets against the fund's strategic goals. This includes using the widest use of investment tools and solutions, such as liability-driven investment, buy-ins and other insurance solutions.
Chris Ford, head of investment at Towers Watson in Europe, Middle East and Africa, said: "In the fast-growing fiduciary management and delegated consulting market, the combination of exceptional clarity of performance goals versus liabilities and a highly dynamic relationship is very appealing for many funds."
Towers Watson has delegated responsibility for over $50 billion of assets worldwide.
©2012 funds europe