On the go: Defined benefit schemes belonging to a malt production business and a social research institute have both switched to fiduciary management with Netherlands-owned Kempen Capital Management.
Pauls Malt Pension and Life Assurance Scheme and the National Centre for Social Research Retirement Benefits Scheme both arrived at the decision following competitive tender processes at the end of 2019.
They are reportedly among the first cohort of schemes to follow the latest tendering guidance from the Competition and Markets Authority, which intervened in both the FM and investment consultancy markets in 2018 and gave its final order in June last year.
Both schemes converted from investment consultancy relationships, with the Pauls Malt scheme advised by First Actuarial, and the NCSR scheme supported by IC Select.
Last month, IC Select reported that difficulties for trustee boards in reacting to fast-moving market changes was speeding the shift from investment consultancy relationships to FM tenders.
Andre Keijsers, managing director at Kempen UK, comments: “We are proud that both pension schemes have selected us to carry out their fiduciary management, and look forward to delivering on this choice – always focusing on the best outcomes for scheme members.”
