UK - Property developers Croudace Limited and Maybrook Properties have hired multi-managers Russell to handle their £15m pension scheme.
Croudace Limited and Maybrook Properties have both a defined benefit (DB) scheme and a defined contribution (DC) scheme. The DB scheme will be invested across several Russell funds with a scheme specific benchmark. The DC scheme will be invested in Russell’s UK balanced fund and sterling bond fund.
Croudace is a privately owned company with over 50 years experience of house building for the private sector and Housing Association clients. Maybrook Properties is part of the same group and owns and manages a £70m portfolio of industrial, commercial and retail properties throughout England.
Commenting on the appointment, Croudace said: “We selected Frank Russell after a careful and considered review of the fund managers we thought would be suitable.
“We believe this approach of investing in highly successful funds coupled with rigourous monitoring of performance will result in good returns for the schemes over the next few years.”
The move was advised by Jardine Lloyd Thompson.
Russell manages over EUR80bn in assets, of which EUR16bn is managed from Europe, and advises clients representing more than EUR2,000bn worldwide.
By Madhu Kalia
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.