UK – The £2bn (€2.85bn) Lothian Pension Scheme has reappointed Hymans Robertson to provide actuarial and investment consulting services.

According to a joint statement, the appointment was made by the Edinburgh-based local authority scheme “after a competitive tendering exercise to secure the most effective service at an optimum cost”.

Actuarial and investment services will be provided under separate agreements, they added. The move was “in line with Myners’ best practice recommendations”.

Hymans will join the scheme’s new independent investment consultant, Gordon Bagot, on the fund’s strategy panel.

“Hymans Robertson has given the Lothian Pension Fund an excellent service since their appointment in the 1070s,” said Donald McGougan, director of finance for the City of Edinburgh.

“Their robust advice has proved invaluable by controlling risk through proper diversification of the fund’s assets.”

“Hymans Robertson has enjoyed a strong relationship with the Lothian Pension Fund for many years,” said Hymans partner Douglas Anderson. “We are delighted to be given the opportunity to continue the successful partnership into the future.”

Last week IPE reported that the scheme was about to advertise its management arrangements for global and Europe (excluding UK) equities – putting troubled asset manager Bank of Ireland Asset Management under scrutiny.

The re-tender was prompted by “internal changes within the current investment manager”.