IC Select has beefed up its stewardship service to help trustees monitor their fiduciary managers and run their schemes.
It follows UK Power Networks Pension Scheme choosing SEI Institutional Group as its fiduciary manager last November where IC Select carried out a competitive tender involving nine providers.
IC Select said this experience had resulted in rolling out the enhanced stewardship service when fiduciary management was becoming more wildly used by pension funds. "They [trustees at UK Power Networks Pension Scheme] have taken a diligent and detailed approach to both the selection and the establishment of their oversight framework for their fiduciary manager," said ICI Select managing director Peter Dorward. "This has meant that we have had to enhance areas of our approach to meet their needs, in particular in the design and implementation of an appropriate risk management framework."
The risk management framework and due diligence on corporations, investment and operations/governance issues had been strengthened in IC Select's stewardship code, Dorward added.
UK Power Networks head of pensions Michele Hirons-Wood said ICI Select had enabled the scheme to build a platform to monitor SEI which was "essential for our trustees to enjoy peace of mind".
Last September an Aon Hewitt survey showed almost half of UK defined benefit schemes used a fiduciary manager, up from 18% in 2011.
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In June last year Barnett Waddingham introduced a service to oversee the selection and performance of fiduciary managers from an independent standpoint.
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