GLOBAL – Nick Fitzpatrick is to retire as head of global investment consulting at Hewitt Associates and be replaced by former Schroders investment head Nicola Ralston.

Fitzpatrick has been with Hewitt and its predecessor companies for 18 years and will work with Ralston – who joins in January 2005 - for a transitional period before retiring from the firm.

"The pension industry is facing unprecedented challenges and investment consultants have a critical role in restoring pension funds’ financial position,” Fitzpatrick said.

He added: “The appointment of someone of Nicola Ralston’s stature, financial expertise and ability underlines our commitment to delivering the highest quality investment advice to our clients.”

"I am looking forward to working alongside Nicola while she gets to grips with the new role - it will be a stimulating time. I am very proud to be passing on a business which is in good shape and winning market share to such an eminent professional."

Ralston, 48, was at Schroders for 22 years and her final role was head of investment management. She left the firm in 2001 and has held a variety of roles, including the chair of the UK Society of Investment Professionals. Ralston is also a governor of the CFA Institute.

"I am delighted to be appointed to lead Hewitt's global investment business,” Ralston said. “The role offers the opportunity to put in place the ideas, structures and tactics that can help solve client problems, which is an intellectual challenge that I will relish.”

“Second, it is an important management role, which is something that I have always enjoyed. Finally, while the role gives me the chance to draw on the skills and expertise that I have developed in the investment business, it is different to those I have had before and that is exciting to me.”

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