UK – The trustees of the newly created £500m (e794m) Compass Pension Scheme for catering group Compass, have appointed multi-manager Frank Russell Company as the sole investment manager to the scheme’s assets.
The trustees have also employed Russell to provide both strategic advice and transition management services.
The new pension scheme was formed after Granada’s hospitality business, part of the media group Granada, merged with Compass in February this year.
Russell was first appointed by Compass in January 1999 to manage the separate assets of the £150m Compass Group Pension Plan.
The new win is believed to be the biggest single pool of pension assets that Russell has been awarded in the UK.
“The trustees of the new scheme wish to focus on investment strategy and have decided to outsource the management of our investment managers to a specialist multi-manager provider,” says Paul Lambert, group pensions manager at Compass Group.
Employee benefit adviser Gissings acted as pension consultant to the scheme.