€1.3bn UK plumbing scheme fires Mercer
UK – Consulting firm Mercer has lost the investment consulting and scheme actuary roles at the £900m (€1.3bn) scheme for the plumbing industry.
The briefs have been awarded to Hewitt Associates and Watson Wyatt respectively. The move comes as it seeks to hire third-party asset managers.
“Following a comprehensive review, the Plumbing Industry Pension Scheme has appointed the following new advisers: scheme actuary: David Boyd, Watson Wyatt, LLP; Investment Consultant: Phil Page, Hewitt,” the scheme said on its website. Mercer’s press office did not respond to a request for comment.
The fund is an industry-based scheme for plumbers and apprentices employed by firms in the UK plumbing and mechanical services industry. It has more than 35,000 members.
Hewitt said it was appointed to advise on asset allocation and to monitor and advise on manager selections, as the scheme delegates its investment management to third party investment managers.
“The liability profile of the scheme presents interesting and important issues for the trustee board to consider,” Hewitt’s Page said. “We have enjoyed our initial discussions with them and look forward to a good working relationship.”