Press Release: Third party evaluators back Fiduciary Performance Standard
London, 1 June 2018 – Third party evaluators of fiduciary management Barnett Waddingham, Hymans Robertson, IC Select, KPMG, Lane Clark & Peacock and XPS Investment have backed the Fiduciary Management Performance Standard.
They believe that all Fiduciary Managers should have the capability to comply with the standard, or explain why this is not the case.
Mallowstreet, the social network for pension schemes, recently asked their membership whether trustees need a fiduciary management performance standard. The result was 100% in favour - a rare consensus.
The IC Select Fiduciary Management Performance Standard has been designed to help pension schemes compare the investment performance of fiduciary managers hired by trustees to make investment decisions on their behalf.
It is already backed by 14 leading fiduciary managers providers, Aon Hewitt, BlackRock, Cardano, Charles Stanley, Goldman Sachs Asset Management, JLT Investment Solutions, Kempen Capital Management, Legal & General, Mercer, P-Solve, Russell Investments, Schroders, SEI and Willis Towers Watson.
The standard developed by Edinburgh-based IC Select is supervised by the Fiduciary Management Performance Standard Steering Group.
Peter Dorward Managing Director of IC Select, said: “We are delighted with the cross-industry support we have received for the performance standard. When firms come together with a common objective real change can be achieved. This collective demand will ensure that the fiduciary managers will be held accountable and Trustees can gain access to reporting of performance on a consistent and transparent basis”
The new standard, which was recently launched in April 2018, comes at a time of intense scrutiny of fiduciary managers and investment consultants by the Competition and Markets Authority. It will enable trustees for the first time to obtain consistent performance information when selecting a fiduciary manager.
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