Pi Consulting and IC Select have launched a service to provide advice and support to pension schemes tendering fiduciary management mandates.
The service launched this month and comes in response to the Competition and Market Authority's (CMA) review into the investment consultant and fiduciary management markets.
The CMA is introducing a package of 12 measures. for trustees and managers of occupational pension schemes, which will take effect from 10 December 2019. These include a mandatory competitive tender before appointing a fiduciary manager for mandates covering more than 20% of scheme assets.
Pi Consulting - which is part of the Pi Partnership Group - is aiming to create a cost-effective selection service within a robust governance framework which will provide its fiduciary management research findings. The service will use research from IC Select.
Pi Partnership director Amanda Burden said: "Given the requirement for mandatory tendering from the CMA report, we want to be in the strongest position to support our clients and prospective clients to meet the CMA's requirements."
She noted that in its search for a research partner, IC Select "stood out".
She said: "IC Select are recognised as the market-leading organisation for research on
fiduciary managers. Not only do they have a reputation for the highest quality research, but their launch last year of the IC Select Fiduciary Management Performance Standard demonstrates their constant innovation in this area."
Launched in April 2018, the Fiduciary Management Performance Standard aims to help trustees to measure the added value provided by fiduciary managers, improve transparency and consistency of performance information across the sector, and standardise the calculations and presentation of fiduciary management performance data.
IC Select managing director Peter Dorward added: "Pi Consulting have an impressive track record in carrying out effective tendering for pension trustees in administration and investment services.
"Based on this experience, they have developed a highly effective process for managing tenders which complements our fiduciary management research.
"Their independence made them the obvious and strong choice as partner as both organisations have the same commitment to providing truly independent advice."
The Pensions Regulator opened a consultation in July, inviting responses from pension trustees and advisers in a consultation on four draft guides to support tougher investment governance rules.
Meanwhile, also last month, the Department for Work and Pensions opened a consultation on transferring oversight of the CMA's remedies to TPR.
As The Pensions Regulator’s consultation on investment governance guidance closes, Holly Roach looks at the industry’s response.
With NEST announcing plans to invest 5% of assets in private credit, Jonathan Stapleton queries whether other schemes should be following in its footsteps
Scheme investment strategies should focus on the needs and desires of members, but head should always overrule heart, says Alan Pickering
The trend towards passive investment is inexorable and will continue, declared Hermes Investment Management head of investment Eoin Murray, opening a debate on the future of fund management organised by the Centre for the Study of Financial Innovation...
Aegon has incorporated ESG into its £19bn TargetPlan defined contribution (DC) default fund for its master trust and group personal pension plan.