The £200m (€285m) UK Power Networks Pension Scheme has hired SEI as its fiduciary manager.

SEI, in addition to acting as investment consultant and asset management for the defined benefit scheme, will also offer investment advice to the power distribution company’s defined contribution scheme.

Michele Hirons-Wood, head of pensions at UK Power Networks, said the company had considered a range of new governance options but settled on a fiduciary mandate.

She added: “The trustee was keen to develop their investment strategy in a way that supported opportunistic investing whilst also increasing the focus on the overall funding level and risk budget.”

In other news, the Nottinghamshire County Council Pension Fund has hired City Noble as as independent investment adviser.

The £3.8bn scheme hired the company to advise on “all aspects of the fund’s structure, management and strategy”, possibly a reference to the choice the local government pension scheme faces on pooling arrangements.