UK – Pensions actuaries Hymans Robertson has set up a London-based investment practice – and hired a consultant from rival firm Hewitt Bacon & Woodrow.

It in a statement that it has decided to establish a small investment practice team in its London office. Previously, all investment consulting had been carried out of its Glasgow office.

It has hired Hewitt Bacon & Woodrow investment consultant Russell Chapman and Alistair McKissack, who has a fund management background.

George Henshilwood, senior partner in the firm’s 38-strong investment practice, said: “We have been looking for the right individuals to establish an investment presence for us within our London office.”

Speaking at a presentation yesterday Henshilwood also expressed his views about alternative assets, such as hedge funds, saying they were “fool’s gold”.

“I struggle to see why pension funds should allocate a significant part of their assets to hedge funds,” he said.

He warned investors about a ‘bond bubble’. “From an investment case, I find the case for bonds pretty uncompelling.”