Consultancy Towers Watson has appointed stewardship overlay firm Hermes EOS to assist the company on its fiduciary management activities.

Hermes EOS will engage on ESG matters on behalf of Towers Watson’s global fiduciary management business, which currently has around $75bn (€69bn) in assets under management.

The stewardship firm normally engages companies on ESG matters with regards to public policy and also on social matters such as wages, health and safety and corruption.

Towers Watson is its first fiduciary management client and now acts on behalf of £134bn (€183bn) of assets.

Hermes EOS is wholly owned by Hermes Investment Management, the asset manager created by the £40.2bn BT Pension Scheme.

Elsewhere, the Government Pension Fund Norway has begun tendering for three financial management consultancy firms to join its new four-year framework agreement.

The NOK185.7bn (€21.5bn) sovereign fund said it required consultancy services in relation to the administration of the fund, with successful firms providing data and analysis for investment strategies, responsible investment practices and framework follow-ups.

The fund produced an annual return of nearly 11% over 2014, with strong equity growth offsetting a decline in the oil price.

The Oslo Stock Exchange was down 5.5% over the end of the fourth quarter – with energy-sector stocks falling in value by 25% – but nevertheless finished the year up by 5% due to the consumer and materials sectors.