UK - A growing number of asset managers are appearing on pension funds' long lists as a result of direct approaches to funds and in many cases without endorsement from consultants.
A survey carried out by Investit following interviews with 42 pension funds and consultants in the UK managing assets in excess of £100bn found that in one-third of the final beauty parades, the decision made was a departure from the consultant steer. In 21% of cases, a fund manager not endorsed by a consultant appeared on the long list at the request of the pension fund, while 10% of the manager selections in this survey did not use a consultant.
Philip Robinson, a principal at Investit, said: “There is no doubt that consultants play a critical role in the institutional client prospecting and pitching cycle and the majority of respondents reported high levels of satisfaction regarding fund manager selection by consultants.
“However, we are seeing more fund managers appearing on pension funds’ long list as a result of increased interaction and dialogue between these two parties. Even the one example in our survey of a manager not on a consultant long list going on to win the pension fund’s business demonstrates a gradual move away from total reliance on consultant advice.”
Survey respondents also believed that increased direct sales activity by fund managers with pension funds was being positively encouraged by this evidence of greater competitive tender behaviour.
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.
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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.