EUROPE - The £800m (€995m) AgustaWestland UK pension fund has selected P-Solve to be its fiduciary manager.
P-Solve will now manage all of AgustaWestland UK's assets and its liability risk overlay.
AgustaWestland head of pensions Mike Nixon pointed out that the scheme had worked closely with P-Solve for more than seven years now and cited its expertise in managing asset allocation and liability risks dynamically in volatile markets.
P-Solve now has £7bn under delegation for more than 60 fiduciary management clients, and manages £15.1bn of total derivative exposure for its advisory clients.
In other news, the Somerset County Council pension fund has selected JP Morgan Chase Bank to serve as its global custodian.
The fund said it awarded the contract to the most economically advantageous tender, 25% weighted towards quality and 75% weighted towards fees. JP Morgan Chase beat out five others for the mandate.
Somerset County Council pension fund currently has £1.2bn in assets.