UK - Schroders has appointed Michael MacDonald-Smith head of UK defined contribution (DC) business in line with the firm's plans to build on its existing DC offering.
MacDonald joins from Barclays Global Investors, where he was head of defined contribution.
Schroders said it was actively building up its UK institutional business team to allow it to provide more solutions led advice to pension schemes and consultants.
In his new role, MacDonald-Smith will report to Miles O’Connor, head of UK institutional business.
“The defined contribution market is an area we want to be active in,” O’Connor said.
“Defined contribution schemes, just like defined benefit, want good investment solutions, and Schroders can provide those. Michael has an excellent track record in setting-up and running a defined contribution business, and I’m very happy to have him on board to grow the Schroders DC proposition.”
UK companies are increasingly moving towards DC schemes, with some offering only DC to new employees.
Schroders said it believes its fund proposition of “multi-asset, new balanced and specialist funds” is suited to providing DC schemes with good investment solutions for members.
The firm manages £474m in DC assets, as at December 31, 2004.
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