On the go: The £221m Dover Harbour Board Pension and Life Assurance Scheme has appointed River & Mercantile to handle its assets via a fiduciary management mandate following a search conducted in September last year.
The fund retendered its management arrangements last year in order to comply with the Competition and Markets Authority's fiduciary management order.
Around half of the scheme’s investments were already with R&M “in assets which, under the definition of the [CMA], are a fiduciary management arrangement”, Chris Gilbert, pensions manager at the Dover Harbour Board scheme, explained shortly after the tender was released. At that time, he said the fund might look to move to a full fiduciary management arrangement.
Commenting on the new award, Bob Holmes, chair of trustees of the scheme, said: “As our investment advisers since 2009, R&M has helped us successfully overhaul our investment and liability-management strategy and implement some innovative solutions for a scheme of our size, that resulted in an improved funding position achieved with less risk despite challenging market conditions.”
“Moving to a fiduciary mandate builds on what we have achieved together thus far and will allow us to manage our investments even more efficiently and meet the cash flow requirements of the scheme as we move towards the achievement of our long-term funding objective,” he continued.
The mandate with Dover Harbour contributes to around £2bn in new pension scheme mandates that R&M has picked up in recent months.
This article originally appeared on MandateWire.com.
