The £400m Wessex Water pension scheme has hired Russell Investments to provide fiduciary management services.

The firm will be responsible for looking after the scheme's multi-asset strategy, provide investment expertise and implement investment decisions in order to reach the scheme's objectives.

According to data held by Pension Funds Online, Russell Investments currently has about $155bn in assets under management, and $2.4tn in assets under advisement. The Wessex Water pension scheme has close to 3,000 members.

Chairman of the board of trustees, Peter Costain said in a statement that the scheme chose Russell in order to enhance the investment governance arrangements of the scheme, "particularly around investment decision-making, which is important for both the employer and our members."

Heath Mottram, Russell's head of fiduciary management in the UK said: "With trustees' time under increased pressure, there is a need to consider delegation. The pension scheme will benefit from the expertise of an extensive team of investment specialists."

First published 10.07.2012

azeevalkink@wilmington.co.uk