BlackRock has been appointed as the fiduciary manager for the UK Power Networks Group of the Electricity Supply Pension Scheme (ESPS).
BlackRock was selected following a competitive tender process run by IC Select and will advise, design and implement the UK Power Networks Group's asset allocation and manager selection across all asset classes.
The £4bn legacy defined benefit (DB) scheme was first set up after the electricity industry was privatised and closed to new employees during the mid-1990s.
EMEA head of pensions Sarju Mehta said BlackRock's speciality in customising solutions for clients of all sizes alongside access to global risk management solutions had helped it secure the deal.
BlackRock's proprietary platform Aladdin will be used for the scheme's risk management and analysis services, including reporting. Trustees are also set to receive bespoke training, education, guidance, and transition management services as part of the deal.
UK Power Networks head of pensions Michele Hirons-Wood said: "Throughout the tender process, BlackRock gave us the confidence that we could trust them to be our long-term partner. They fully understood the group and were experts on everything they presented."
Head of UK fiduciary business Sion Cole said the decision by the 15,000-member-strong scheme follows "the recent trend of much larger schemes considering fiduciary management".
UK Power Networks - the UK's biggest electricity distributor - is also responsible for the UK Power Networks Pension Scheme, which appointed SEI as its fiduciary manager in 2015.
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