Insight takes over £1.3bn Qinetiq scheme as fiduciary manager

The asset manager already runs the scheme’s liability-driven investment portfolio, which was valued at £351m at the end of March 2025, according to Qinetiq’s latest annual report.

Dalriada, which is the professional corporate sole trustee for the scheme, ran a competitive tender for the mandate in partnership with the sponsor.

“Moving to a fiduciary management model is another step forward in enhancing the governance of the company’s defined benefit pension scheme.”

Martin Cooper, Qinetiq

In a press release, Insight said Dalriada had set “clear investment objectives that establish the scheme’s long-term goals within defined risk parameters”. The asset manager will advise the trustee board on investment strategy and take full responsibility for day-to-day management and implementation.

Martin Cooper, chief financial officer at Qinetiq, said: “Moving to a fiduciary management model is another step forward in enhancing the governance of the company’s defined benefit pension scheme. Insight performed strongly in a highly competitive tender process, and with the Insight team now onboarded, we look forward to a successful partnership in driving the best long-term outcomes for the scheme and its members.”

David Fogarty, professional trustee at Dalriada, added that Insight’s proposal “fitted extremely well with the scheme’s current positioning and strategic objectives”.

Serkan Bektas, head of Insight’s client solutions group, said: “Our aim is to support robust governance and timely decision-making that places the focus on the scheme’s journey. The framework we built together allows the trustee to concentrate on setting their strategic objectives and monitoring progress while we focus on reliable delivery of their targeted investment outcome.”

Insight’s LDI mandate accounted for around 30% of the scheme’s portfolio as of 31 March 2025. Just over a fifth (23%) was allocated to private debt, while buy-in contracts accounted for another 38%.