The Loomis Pension Plan has selected Russell Investments to provide fiduciary management duties for its £120m (€150m) of assets.

The pension fund was an early adopter of fiduciary management in the UK, and will use Russell to shift the fund towards its longer-term aims.

Russell Investments replaces Loomis’s original fiduciary manager.

Tim Gibbs, finance director at Loomis UK, the pension fund’s sponsor, said the scheme originally adopted fiduciary management to get clear accountability for outcomes.

Chair of the trustee board, Martine Touard-Riolle, added: “The trustees felt Russell demonstrated a clear vision of how they would develop and implement our strategy.”

Shamindra Perera, head of pension solutions at Russell, said the appointment was a milestone in the UK fiduciary management industry.

“Loomis was an early adopter of fiduciary management,” he added. “[The appointment] represents the harbinger of a new and exciting phase in the growth of fiduciary management in the UK, as many that had adopted three or four years ago begin to assess the merits of their chosen provider.”

In other news, Cambridgeshire and Northamptonshire Pension Funds have appointed Northern Trust as global custodian for under the Local Government Pension Scheme (LGPS) Framework.

The framework allows members of the LGPS to appoint custodians without a protracted tender process.

Northern Trust has now won the mandates for the two pension funds, which have around £4bn in assets.

The appointment is Northern Trust’s second LGPS Framework mandate win as a global custodian.

Cambridgeshire and Northamptonshire, geographically neighbouring funds, collectively work on sharing and merging fund services for efficiency.

So far, this has included administration services and several other mandates.

Tolu Osekita, responsible for managing the investments for the funds, said: “It was evident Northern Trust has a strategic focus on the LGPS market, and their proven commitment to this segment is incredibly valuable to us.”