Investment consultancy, Watson Wyatt, has taken on a beefed-up role more akin to fund management, at the £1.3bn (€1.4bn) Metal Box Pension Scheme – a move expected to lead to "a more diversified portfolio and an increased number of investment managers".

The Metal Box fund has also hired two new distressed credit managers since making this change. Watson Wyatt took on its new role in January, although it has only emerged this week thanks to the recent publication of the scheme's investment report to members.