Professional Pensions: Don't let advisers set and mark their own homework

This article was published in Professional Pensions| 17 May, 2022

In the world of defined benefit pensions, just like anywhere else, pursuing improvement is a continuous process.

Boards of pension trustees will have long ago set out strategic investment objectives for their investment consultant or fiduciary manager, after the Competition and Markets Authority (CMA) made the process mandatory in December 2019. 

But how many of them will have revisited and adjusted those objectives, and how many will have independently assessed how well their investment adviser has lived up to them? For us at IC Select, needless investment underperformance has been the enemy of pension schemes for too long. We believed that the CMA's decision was a potential game changer. In truth, while the rules have changed, too much of the game remains the same. 

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Press Release: Size of schemes converting to fiduciary management surges in H1

Size of schemes converting to fiduciary management surges in H1

September 07, 2021 - The average size of a pension scheme taking on a fiduciary manager shot up by nearly 80% during the first half of the year as the benefits of the model took hold in the thick of the Covid-19 pandemic, according to IC Select.

In its latest annual survey of the fiduciary management sector, published today, IC Select found that the average size of a UK pension scheme recruiting a fiduciary manager to oversee its assets rose by 79% to £270 million over the six months to 30th June 2021.[1]

That marks an increase of £120 million against the average figure over the preceding five years, which stood at roughly £150 million, according to IC Select’s research.

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Professional Pensions Article: Civil Aviation Authority awards £4bn fiduciary mandate to BlackRock

“IC Select is proud to have assisted the trustees of Civil Aviation Authority Pension Scheme with this selection exercise, one of 17 similar investment adviser selection projects for DB schemes in 2019-2020 ytd, totalling £13bn. Who said that Covid-19 has slowed things down!”

The Civil Aviation Authority Pension Scheme (CAAPS) has appointed BlackRock to run a £4bn fiduciary mandate for its growth portfolios.

Following a competitive tender process, the manager was chosen to plan and execute the asset allocation and manager selection across all asset classes in the portfolio for both the CAA and the National Air Traffic Services (NATS) sections.

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Press Release: IC Select make another senior hire

Press Release:IC Select make another senior hire

Edinburgh, 10th June 2020 – IC Select, the specialist fiduciary management selection and oversight firm, has appointed Anne-Marie Gillon as director of the company to boost its client facing services.

Anne-Marie has joined after a 22-year career as an investment professional at Baillie Gifford. The past 12 years she focused on fixed-income and multi-asset products. In addition, Anne-Marie is a CFA charterholder as well as a trustee, currently at the Royal Blind Group pension scheme, which enables her to understand the intricacies and challenges that pension schemes face

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IC Select launches Fiduciary Management re-tendering solution

Press Release:IC Select launches Fiduciary Management re-tendering solution

Edinburgh, 11th June 2020 – IC Select, the independent specialist fiduciary management selection and oversight firm, has launched a three-tiered solution to help trustees who are required to re-tender before the CMA deadline of 10 June 2021

Managing cost, resource allocation and, critically, the proportionate time to be allocated to this task will be paramount. Additions to these challenges arise when access to unbiased and accurate information is cumbersome and hard to find.

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