Roche picks Watson
The e620m UK pension fund of Swiss pharmaceuticals group, Roche, has appointed Watson Wyatt as full pension service provider. The deal includes actuarial, administration, investment consulting and communications services. Watson Wyatt take over from previous service providers, Bacon & Woodrow.
A spokesman for Watson Wyatt says the appointment was made following a parade of six consultancy firms. He says the appointment is not indicative of a wider trend in the pensions market.
“It may seem that many funds have been opting for one service provider to cover all areas of their fund, but it’s just coincidence. There are still many that prefer to keep the functions separate. However, it’s not uncommon these days to find actuarial and investment consulting going to the same firm.”
The Hertfordshire-based Roche UK pension fund has some 5,000 members and its asset manager roster comprises Merrill Lynch Investment Managers and Philips & Drew.