UK – Nestlé says it is setting up a UK-based asset manager to provide services for its global pension funds.

“We’ve just created a new company, Nestle Capital Advisors, to provide services to all our pension funds around the world,” said Jean-Pierre Steiner, director of corporate pension and risk services at the Swiss food group.

It would provide the company’s 240 pension plans with services such as actuarial, manager selection, monitoring benchmarks and drafting mandates, Steiner said on an online symposium organised by IPE.

And there would be a subsidiary regulated by the Financial Services Authority to provide “full-blown” asset management services to the firm’s pension funds.

Steiner told the IPe-Symposium that Nestlé has total pension assets of CHF27bn (€13bn) and a total of 100 separate pension funds.

IPE reported in November last year that Nestlé Capital Advisors was looking for a risk manager with experience in hedge funds to offer services to its pension funds.