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Lafarge UK Pension Plan appoints Towers Watson as fiduciary manager

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The trustee of the Lafarge UK Pension Plan has appointed Towers Watson, the professional services company, as fiduciary manager for the investment requirements of its GBP2.6bn pension fund.

 
This appointment follows a formal selection process undertaken by the trustees with advice from the investment advisory team at KPMG in the UK, who will also fulfil an ongoing monitoring role.
 
The appointment is among the largest so far in the rapidly developing UK fiduciary management market and follows an extensive tender process.
 
The trustee was advised on the legal aspects of the appointment by Sacker & Partners.
 
Norman Braithwaite, chairman of trustees for the Lafarge UK Pension Plan, says: “We are pleased to announce the appointment of Towers Watson as the fiduciary manager of our plan. Having taken into account the expertise and level of resource needed to manage a large, mature and closed pension fund such as ours, we decided that the delegated model offered by Towers Watson was the best, most flexible and long-term way to achieve our goals. As a result of the thorough process we followed, we now have governance structures and working arrangements in place which we are confident will deliver our funding and investment performance goals in the best interests of all our members and stakeholders.”
 
Fiduciary management is part of Towers Watson’s Delegated Investment Services (DIS) which provides an integrated approach to managing assets against liabilities for all sizes of pension funds. The company is one of the world’s largest fiduciary managers and has delegated responsibility for over USD55bn of assets worldwide.
 
Chris Ford (pictured), EMEA head of investment at Towers Watson, says: “We are delighted to have been appointed by the Lafarge UK Pension Plan as their fiduciary manager and look forward to working closely with them to unlock the value we believe is intrinsic in this approach. The appointment also reinforces our leadership position in the fast-growing fiduciary management area where the combination of exceptional clarity of performance goals versus liabilities and the streamlining of operational management is a highly compelling offering.”

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