UK’s Durham appoints actuary, seeks advisers
UK - The 850 million-pound (1.23 billion-euros) Durham County Council Pension Fund has appointed Hewitt Bacon & Woodrow as scheme actuary and says it is looking for advisers.
The scheme said it was looking for advisers to assist its pension fund committee and investment management team.
According to “International Pension Fund and their Advisors”, Ives Associates and Watson Wyatt are the fund’s current advisors. Watson Wyatt spokesman Paul Deane Williams told IPE that the firm has re-tendered for the advisory brief.
In its request for tender, the county council also says it has recently appointed a new actuary – this role was previously held by Watson Wyatt, which withdrew from the local authority market last year. Hewitt Bacon & Woodrow confirmed it was now actuary.
The fund employs Baring Asset Management, Legal & General Investment Management and Morley Fund Management Ltd.
The fund, which has over 35,000 members, aims at being a “high performing pension fund”, improving its “governance structure” and applying the Myners principles.