Our People

Roger Brown

IMG 2790-2Roger is the Founder Director of IC-Select.  He has spent the last 14 years of his career specialising in the oversight, assessment and selection of investment advisers and fiduciary managers, initially at Blacket Research and for the last seven years at IC Select.  His earlier career was in fund management where he held senior positions as head of strategy, head of equity investments and latterly as a main board director of a major fund management company.  He has a degree in Mathematics and Economics from Durham University.

Peter Dorward

dorward-peter-web-bwPeter is the Managing Director of IC Select having joined the business in October 2014.  Prior to this, and for the last 20 years, he held senior positions with Scottish Widows Investment Partnership, latterly as head of the institutional business and previously as CEO of its subsidiary in Saudi Arabia.  Peter has over 35 years experience in investment management and broader financial services in the UK and overseas.  He has an MBA from Edinburgh Business School, Heriot Watt University and a FT Non Executive Director Post Graduate Diploma.

Carole Ryden

Carole is a Director of IC Select having joined the business in November 2015. Carole is a Fellow of the Institute and Faculty of Actuaries with a wealth of experience working in the fields of pensions, investment, insurance and academia. She trained and worked as an actuary at a large actuarial and pensions consultancy in London.  On moving to Edinburgh, she gained experience in investment management, working with a major fund manager, and, latterly, she worked in the area of financial risk management in the life assurance arm of a large banking group.  She is a member of the Council of the Institute and Faculty of Actuaries and the deputy leader of the Scottish Board of Actuaries.  She graduated in Pure Mathematics from Leeds University and in addition to her actuarial qualification she holds the Prince 2 project management qualification.

Our Values

Everything we do is underpinned by a clear set of values:


We are free of any conflicts of interest when dealing with pension funds, consultants and other financial services organisation. We believe that independent evaluation is essential when evaluating and monitoring investment consultants and fiduciary managers. As we do not compete with the firms we research they are willing to share detailed information with us which would otherwise not be the case.


We are the only UK organisation to focus solely on the selection and monitoring of investment consultants and fiduciary managers. This enables us to concentrate fully on developing the research depth and methodologies necessary to understand this complex area.


We have developed new approaches and solutions to assist pension funds assess their investment consultants or fiduciary managers and enhance their own decision making. We are constantly refining and customising these approaches to meet the specific circumstances of each client.


Our work delivers objective and detailed evaluation of consultants and fiduciary managers to our clients. Consequently our clients can be confident they are appointing and working with the most appropriate consultant or fiduciary manager for their needs.

Raison D’etre

It has been recognised for many years that the importance of the investment consultant or fiduciary manager to the long term performance of a pension scheme dwarfs the importance of any of its fund managers. It is therefore surprising, that at many schemes, the level of due diligence undertaken to select the investment consultant or fiduciary manager is not as robust as the due diligence undertaken to select a fund manager. Often trustees do not use any external advisers and, when they do, these advisers may not be specialists in this area, often with their core competency in pension administration.

IC Select has been established to ensure the necessary expertise to ensure that the most appropriate investment consultant or fiduciary manager is selected. An effective selection should lead to enhanced performance with improved risk control in the longer term. This will result in more stable contributions and a reduction in scheme deficits.


‘Strategic asset allocation dominates market timing and security selection explaining on average 93.6% of the variation in total pension plan returns’
G Brinson, LR Hood and DP Beebower, ‘Determinants of Portfolio Performance’ 1986

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