Capgemini confirms mandate to MN Services

Norman Buckingham, pension manager of the Capgemini UK pension plan, confirmed to schemeXpert.com this appointment.

He added: “We have a second pension plan within Capgemini and it is possible that at some stage the trustees of that plan will also appoint MN Services as fiduciary manager.

“But it has not been discussed by the trustee body yet. It is a potential change in the future.”

schemeXpert.com understands the size of the second plan is around £200m.

Buckingham also said the trustees will proceed by increasingly delegate responsibilities to MN Services over the coming months. No formal review date for this mandate has been agreed yet.

The £750m scheme has around 4,000 active members, 10,000 deferred members and 1,300 pensioners.

Remco van Eeuwijk, managing director of MN Services Investment Management UK, declined to comment specifically on this mandate.

He added: “We have two clients in the UK and we are obviously trying to grow the business here.”

In July, MN Services announced it struck a deal with the Macmillan Cancer Support Pension Scheme.

With that appointment, MN Services became the fiduciary manager of two UK pension schemes with total assets in excess of £775m, it added at the time. The Macmillan Cancer Support scheme has about £25bn of assets.

But it did not disclose the name of the second scheme, which was the first one to appoint MN Services as fiduciary manager in the UK.

In a statement, MN Services said it would advise Macmillan’s Trustee on its investment strategy with the target of “achieving the Trustee’s funding level objective by enhancing the risk/return profile”.
 
The company will also be in charge of implementing, monitoring and managing the scheme’s strategy.

Mn Services was created in 2001 and it is owned by three Dutch pension schemes. It entered the UK market in 2009.

According to its website, it had €61bn (£51.8bn) of assets under management at the end of 2009.