UK - Fiduciary managers are teaming up with the National Association of Pension Funds to develop a standard definition of the service, set to be revealed next year.
The complete outsourcing of a scheme's investments and risk management is currently known by many names - including fiduciary management, implemented consulting and plan outsourcing.
The UK is one of the fastest growing markets in this field - and set, according to people working within the business, to outpace more established markets like the US and the Netherlands.
However, industry figures said the different names and definitions can create confusion about what services the client is actually receiving.
Mn Services head of business development Colin English said he is a part of the group working with the NAPF to develop a single definition for fiduciary management.
He said there is currently "confusion about the different flavours and degrees of delegation that are being offered".
Watson Wyatt head of European investment practice Paul Trickett said the various definitions could be a result of different providers offering similar services.
SEI marketing director Caroline Deutsche agreed. She said the UK fiduciary management market is unique in that the players are broken down into three camps - consultants, asset managers, and hybrid firms like SEI and Russell that are a combination of the two.
However Ortec Finance UK managing director Lucas Vermeulen said creating a clear definition could lead some pure asset managers to stop marketing themselves as a fiduciary manager.
Vermeulen said: "If it starts from the perspective of selling a product, that doesn't go well with the term fiduciary."
NAPF Commercial Director Keith Hollender commented: "We are talking to organisations at the moment to help us produce a Made Simple guide on Fiduciary Management, ready for next year."
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