GLOBAL – Textile firm Coats has named Mercer Human Resource Consulting as global actuary covering £1.5bn (€2.2bn) of pension assets.
“Mercer will now serve Coats in a range of additional countries, including Austria, Canada and Germany,” Mercer said. It already provides actuarial services to Coats in the UK and US.
“This appointment will allow Mercer to deliver greater value to Coats by improving efficiencies across their pension arrangements globally,” said Mercer principal Donald Campbell.
“We are delighted to have extended our relationship with Coats and look forward to continuing to work in partnership.”
Coats is the world's largest supplier of industrial sewing thread and craft products and the world's second largest and fastest growing manufacturer of top quality zip fasteners.
Last month IPE reported that Sam Dow, chairman of the board at Coats Pensions Trustee Ltd., has stepped down to be replaced by Laurie Todd of Guinness Peat Group.
Coats is owned by investment holding firm Guinness Peat.
The Coats Viyella Pension Plan began in 1988 following the merger of three major UK textile companies in 1986 - Coats Patons, Vantona Viyella and the Nottingham Manufacturing Co.
It became the Coats Pension Plan in 2002 after the sale of the Viyella business.
Since 1999, investment policy has shifted from 100% equities, to 30-70 equities-bonds currently.