CYPRUS - The €225m (£151m) Cyprus Hotel Employees Provident Fund has hired investment consultant Hewitt Associates, which has recently opened a branch on the island.

Via the appointment, the fund wants to start investing globally and adopt "internationally recognised investment principles and practices," a spokesperson said today.

Marinos Gialeli, the fund's general manager, commented: "Hewitt will help us to develop transparent control and decision-making procedures according to internationally accepted best-practice standards; we want to be transparent at all levels."

Hewitt recently announced it had opened a new office in Nicosia, headed by consultant Philippos Mannaris.

According to a Hewitt spokesman the new office is unrelated to the fund's appointment: "All though it is certainly not going to do our business any harm, the two incidents are unrelated," he said.

However, Mannaris commented that Hewitt has served Cyprus, first from London and then from Athens, since 20 years: "We have, for years now, a range of clients in Cyprus offering actuarial, benefits and investment consulting services including some of the largest DB schemes."

Elsewhere, Milan-based Hewitt consultant Guido Blasco announced his retirement. He will be replaced by Caludio Pinna.