Back to basics – but who is the teacher?


It does not actually mean the world will end; but it does mean that change is on the way

By Niki Natarajan

As the trustees of the $2.4 billion Willis Pension Scheme announced plans to hire Towers Watson to manage a $160 million hedge fund portfolio on a fiduciary basis, funds of hedge funds everywhere were vindicated in their fears that more and more consultants are indeed stealing their lunch.

Until relatively recently, consultants such as Towers Watson were trusted as the advisory gateway to the great and the good of the pension fund community. But as became evident in the session entitled ‘Consultants: Trojan horse or modern day saviour?’ at last week’s