Mercers replaces Watsons as Home Group advisor
UK- Mercers Human Resource Consulting has replaced rival Watson Wyatt as provider of actuarial and consulting services to the pension funds of housing provider Home Group.
Mercers will also take over the administration of the Home Group’s two schemes, worth a combined £35m, from an inhouse team.
Hugh Creasy, Mercers’ managing consultant for the project, says they will be providing investment consulting, actuarial services and the full administrative range including payroll.
The schemes, one defined benefit and one defined contribution, cover 1,200 people, of whom more than 800 are active members.
The decision to switch to Mercers ends a ten year relationship between Watson Wyatt and the Newcastle-based group.
Henderson Global investors manages the defined benefit scheme on a balanced basis while Winterthur Life runs the defined contribution scheme.
An investment review already executed by Mercers is due to be completed in the next few weeks and may lead to manager changes.
Home Group is considering its equity allocations and may employ more managers if it decides to move away from a balanced approach.