The Lafarge UK Pension Plan has hired Towers Watson as fiduciary manager for its £2.6bn fund.

The trustees were advised by KPMG, who will continue to fulfil an on-going monitoring role.

Norman Braithwaite, chairman of trustees for the Lafarge UK Pension Plan, said: "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 and as a whole the company has delegated responsibility for over $55bn of assets worldwide.

Chris Ford, EMEA head of investment at Towers Watson, said: "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."

First published 24.06.2013

monique_simpson@wilmington.co.uk