Willis Towers Watson

The firm's insurance brokerage operations and investment consulting practice share actuarial talent, risk modeling infrastructure, and liability data that few competitors can cross-reference. Corporate risk claims experience can inform the longevity, inflation, and liability assumptions used in pension asset-liability modeling. This integration is core to the One WTW strategy but also creates a structural tension: the firm must manage potential conflicts between insurance placement fees and investment recommendations when serving the same client across multiple lines.

Investment governance sits within the Retirement line of business under the firm's broader segment leadership rather than under a single named CIO. The delegated investment solutions group has a global investment committee that sets asset allocation frameworks, manager selection standards, and sustainability integration policy. Individual client mandates are managed by fiduciary teams organized by geography, with the largest concentration of pension OCIO mandates in the UK, Canada, and the US.