Hymans makes “significant investment” in admin

UK – Consulting firm Hymans Robertson says it has made a “significant investment” in third party pensions administration with the selection of Comino Group’s Universal Pensions Management system.

"The adoption of the Comino solution represents a significant investment by Hymans Robertson and will ensure we maintain our existing strong position and commitment within the third party administration market,” said pensions administration manager Brendan Mooney in a statement.

The move means a loss for Jardine Lloyd Thompson’s Profunds platform.

“We are very excited about the opportunities this technology now makes available and look forward to taking full advantage of the features it offers.”

The sum involved was not disclosed, but Mooney said in an interview that the three to five-year contract was worth “in the hundreds” of thousands of pounds.

The firm, part of the Milliman Global group, said it selected Comino “after an extensive period of analysis involving 10 possible vendors” and feasibility studies of three short-listed vendors.

“We are delighted that Hyman Robertson has chosen UPM and believe that this contract reinfo0rces our commitment to the third party administration sector,” said Comino’s director of pensions Mick Jennings.

Comino said in May that it had a “major” contract from Hymans. It also said it has installed a new pensioner payroll system at the Universities Superannuation Scheme.

Last month Hymans said it would set up a small investment practice team in its London office.