UK - Consultants are seeking urgent discussions with Henderson Global Investors after an internal audit found a number of possible mandate guideline breaches.
Henderson – part of Australian insurance giant AMP – is conducting an internal audit of its risk management and compliance procedures after a draft audit found 39 areas of concern and warned that scheme mandate guidelines could have been breached.
A source at Henderson told IPN’s sister publication, Professional Pensions, said that the audit team’s initial report also found the documents outlining the parameters of 106 mandates were out of date, and in some cases, non-existent. Henderson’s client roster currently includes the £15bn Universities Superannuation Scheme and the £6bn BBC Pension Scheme.
Independent consultant Garvins – which uses Hewitt Bacon & Woodrow’s investment manager research – said that it and other firms were now seeking urgent discussions with Henderson regarding the audit.
It claims that when combined with Henderson’s underperformance, it could lead to a client exodus.
Director Mark Frost said: “We’re looking very seriously at Henderson’s continued appointment based on its performance.
“What I don’t know – and it is an area of concern – is if this is unusual; we already had lots of concerns, this would be the final straw.”
Henderson head of corporate affairs Vicki Staveacre said: “The initial draft confidential report was prepared by a newly-formed audit team.
“It has since gone through a number of iterations so a lot of the information is now inaccurate.”
Some of the UK's biggest pension schemes will be forced to report on climate risk in line with recommendations from the Taskforce for Climate-related Financial Disclosures (TCFD).
TPT Retirement Solutions has launched a pension scheme for the education sector which offers schools both defined contribution (DC) and defined benefit (DB) pension provision.
The People's Pension has revealed plans to overhaul its charging structure, cutting fees and returning profits to members with an aim to help people save more money for retirement.
Data consultancy ITM has appointed Akash Rooprai as head of client management to lead its de-risking business.