UK – The £84m (€122m) pension scheme of UPM-Kymmene UK has appointed Hymans Robertson as investment consultant.
David Chalmers, finance director at UPM, told IPE: “This is not the first time we have appointed advisers” but did not give any further explanation as to whether the move implies the dismissal of another consultant.
"We feel very positive about working with Hymans Robertson. The trustees believe that they can provide us with the innovative and proactive support that we will need in the future," Chalmers was quoted as saying in a statement issued by Hymans.
The fund currently employs RCM Ltd, Legal & General, Deutsche Asset Management and Merrill Lynch as asset managers. It is set to review its asset allocation.
“Our asset allocation is something which we will review as part of our investment strategy,” Chalmers told IPE via e-mail.
Hymans partner Paul Potter said: "We are very much looking forward to working with the trustees of the UPM-Kymmene scheme.”
UPM-Kymmene is a Finnish company responsible for about 2m hectares of forest management, principally in Finland, Canada, the US and the UK.