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Towers Watson Investment Management
Towers Watson Investment Management traces its roots to the investment advisory practice within Towers Watson, a firm founded in 1946 that became a...
Towers Watson Investment Management
Towers Watson Investment Management traces its roots to the investment advisory practice within Towers Watson, a firm founded in 1946 that became a dominant player in retirement and benefits consulting. After the 2016 merger with Willis Group to create Willis Towers Watson, the investment management division continued operating as a distinct unit, offering OCIO and fiduciary management services to institutional clients globally. The firm's strategy centers on strategic asset allocation, manager selection, and risk budgeting across equities, fixed income, alternatives, and private markets. It deploys capital through a combination of direct mandates, fund-of-funds structures, and co-investments, with a focus on achieving long-term real returns net of inflation. Known for its quantitative rigor, the team uses proprietary tools to model downside risks, factor exposures, and portfolio resilience. Client portfolios are typically customized by liability profile or return objectives. Towers Watson Investment Management runs teams in the United States, the United Kingdom, and several other markets across Europe and Asia. The broader Willis Towers Watson has over 48,000 employees, though the investment management arm is leaner. In recent years, the firm has strengthened its private markets capabilities, adding dedicated teams for infrastructure and private credit. No recent standalone operational event for the investment management unit has been publicly disclosed beyond routine client reporting. A key structural differentiator is Towers Watson's roots in actuarial science and fiduciary consulting — the investment arm does not manufacture proprietary products but acts as an independent advisor with delegated authority. This model reduces conflicts inherent to in-house fund manufacturing and aligns fees with client outcomes. Its governance structure separates investment decision-making from the consultancy's broader commercial interests.
General information
Firm type
Asset Manager
Year founded
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AUM
Undisclosed
Location
Region
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Country
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City
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Corporate office
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Frequently asked questions
Who runs investment decisions at Towers Watson Investment Management?
The firm does not publicly name a single CIO for the entire investment management division, but it operates under the broader Willis Towers Watson structure. Investment decisions are made by committee, drawing on actuarial, quantitative, and asset-class specialists. Leadership has rotated, with key figures often holding titles such as Head of Investment or Managing Director within specific regions.
How does Towers Watson Investment Management source proprietary deal flow?
Rather than proprietary deal flow, the firm leverages its parent company's consulting relationships with thousands of institutional clients and manager due diligence teams. It accesses investment opportunities through its manager research network, which covers thousands of funds globally. The firm also participates in club deals and co-investments alongside other large institutional investors.
Is Towers Watson Investment Management structured as a single family office or does it operate more like a venture firm?
It is neither. Towers Watson Investment Management is an institutional asset manager and outsourced CIO provider, not a family office or venture capital firm. It functions as a regulated investment adviser serving pension funds, endowments, and insurers under a fiduciary management model. Its structure is closer to a traditional investment consultant or multi-manager fund-of-funds than to any direct investment firm.
Does Towers Watson Investment Management participate in fund commitments or only direct deals?
The firm primarily commits capital to external funds as part of its manager selection model, rather than executing direct deals. It builds portfolios using both passive and active managers, with significant allocations to alternatives such as private equity, private credit, infrastructure, and real estate through external fund vehicles. It has the capacity to facilitate co-investments alongside fund managers for select clients.
What investment stages does Towers Watson Investment Management typically target?
The firm does not concentrate on a single stage; it covers the full spectrum from core fixed income and equities through to alternative asset classes. In private markets, it allocates across buyout, growth equity, venture capital, infrastructure, and private credit funds. Stage preference varies by client mandate but often favors later-stage, cash-flow-generating assets for liability-matching purposes.
Which sectors does Towers Watson Investment Management explicitly avoid?
The firm does not publicly disclose any sector exclusions. Its investment approach is driven by client-specific guidelines, which may include ESG screens or thematic exclusions, but no firm-wide bans are announced. In general, the firm has demonstrated a pragmatic inclination toward diversified, non-concentrated exposures.
Where does the underlying wealth come from?
This question is not applicable — Towers Watson Investment Management is not a family office or wealth manager for an individual fortune. It manages institutional capital on behalf of pooled retirement plans, corporate pensions, public funds, and endowments. Its revenues come from management fees paid by those institutions, not from a single family's assets.
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