On the go: The £40m defined benefit scheme for WR Swann, part of Swann-Morton, a Sheffield-based manufacturer of surgical equipment, has appointed Aon as its fiduciary manager.
Aon already acted as investment adviser for WR Swann & Co Limited Retirement Benefits Scheme, according to its statement of investment principles.
The company was appointed as the scheme’s fiduciary manager after an investment review and a tender process. This followed an investment strategy review that highlighted the opportunity to reduce risk and costs by adopting a fiduciary management approach, according to a statement.
Mike Hirst, chair of trustees for the scheme, noted that while the trustee board “wanted to retain the ability to agree the strategic direction of the scheme, we were convinced that the most effective future approach was to let Aon’s investment professionals make the day-to-day decisions”.
He added: “Moving to fiduciary management of our scheme has already delivered real benefits by hitting two derisking triggers well ahead of our planned schedule, as well as taking a significant weight off the shoulders of the trustees.”
This article originally appeared on Mandatewire.com
