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Press Release: IC Select launches enhanced Fiduciary Management Stewardship Service

Press Release: IC Select launches enhanced Fiduciary Management Stewardship Service

3rd February 2016

Press Release

IC Select launches enhanced Fiduciary Management Stewardship Service

IC Select has launched an enhanced Stewardship Service to further assist Trustees with oversight of their fiduciary manager. This enhanced Service follows their work with the UK Power Networks Pension Scheme in selecting their fiduciary manager and establishing a framework for effective oversight of their fiduciary management relationship.  It is the rigour with which the UK Power Networks Pension Scheme approached the move to fiduciary management, the selection of the manager and their determination to establish an effective oversight of their manager that has allowed IC Select to refine and enhance its Stewardship Service.

Fiduciary management is becoming an increasingly attractive proposition for many Boards and we are seeing the market develop to accommodate this. However as this approach involves significant delegation of authority to the chosen firm, it is essential that Trustees implement a robust governance oversight structure to comply with the requirements of the Pensions Act 2004.  Failure to comply with the Act could leave Trustees personally liable for any failure.  The oversight should ensure that Trustees have appropriate visibility of the resources and operational platform of the fiduciary manager, key risks including investment, operational and governance risks as well as the performance of the Scheme assets.

IC Select’s Fiduciary Management Stewardship Service provides a comprehensive and cost effective oversight service that combines access to IC Select’s unique in-depth due diligence of fiduciary managers within a robust oversight structure.  This complements any existing oversight and allows Trustees to apply resources in the most cost effective and efficient way.

An essential element of IC Select’s Stewardship Service is the provision of a unique risk management framework that allows clear line of sight for Trustees of the key risks inherent in the operation of any fiduciary management service – operational and governance as well as investment risks.

Peter Dorward, IC Select, Managing Director said: "The Trustees of the UK Power Networks Pension Scheme set the highest governance standards for their scheme.  They have taken a diligent and detailed approach to both the selection and the establishment of their oversight framework for their fiduciary manager.  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.  This risk management framework will ensure they have early sight of any potential challenges in their relationship with their fiduciary manager.”

Michele Hirons-Wood, Head of Pensions, UK Power Networks said     “We are delighted we appointed IC Select to work with us on this important project.  Their detailed understanding of the fiduciary management market and their willingness to customise their work to meet our needs has enabled us to build a comprehensive and robust platform for oversight of our fiduciary manager.  We are confident that this will provide comfort to our members and simplify the ongoing management of our scheme.  Having IC Select continuing to provide practical oversight for the UK Power Networks Pension Scheme is essential for our trustees to enjoy piece of mind and continued protection from the requirements of the Pensions Act.”

ENDS

 

Notes to Editor:

For further information please contact:

Peter Dorward, Managing Director

0131 221 6505

peter@ic-select.co.uk

IC Select, Forth House, 28 Rutland Square, Edinburgh EH1 2BW

Website: www.ic-select.co.uk

Tel: 0131 221 6505, Fax: 0131 221 6506.

 

 

IC Select

IC Select, the oversight and selection specialist, specialises in helping pension funds select, monitor and review investment consultants and fiduciary managers.  The firm's assessment capabilities leverage on its unique positioning:

- wholly independent

- free of conflicts

- research led

- focused on assessment from an investors' and investment perspective

IC Select is a wholly independent organisation and is placed in a unique position amongst third party evaluator firms, as the only organisation that is able to conduct in depth research of both the advisory and delegated investment services of the major investment consultants, as well as other fiduciary management providers.  By not competing with these firms, IC Select has unparalleled access to detailed information not available to other third party evaluators.

As a result, trustees can be more confident in the quality of their investment decisions and are able to enhance their scheme governance.

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IC Select appoints new director

Carole will be working on the firm’s core research, as well as with both existing and future clients. She is a Fellow of the Institute and Faculty of Actuaries (IFoA) and an active member of their governing body the IFoA Council. As deputy leader of the Scottish Board of Actuaries she has become involved with the Actuarial Research Centre and has a special interest in tailoring research to bring actuarial expertise to wider businesses' needs. Carole brings a wealth of experience having worked in the fields of pensions, investment, insurance and academia.

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A New Industry Standard - IC Select Fiduciary Management Performance Standard

"The current issues with fiduciary management performance have been widely discussed over the last 18 months. The fiduciary management industry faces real challenges in providing performance information that helps trustees to determine the most appropriate provider for their scheme. This is leading to scepticism from trustees as to the value that fiduciary management on its own can bring to a pension fund.

These problems originate from each provider using a different methodology to calculate performance and risk, combined with a lack of transparency, standardisation and consistency in the way that fiduciary manager performance is presented to potential clients. This leads to accusations that managers are 'cherry picking' their performance record, and the provision of virtually meaningless information by fiduciary managers to trustees, when responding to prospective clients' invitations to tender.

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IC Select Unbundles its Fiduciary Management Selection Service


IC Select is a wholly independent business and is placed in a unique position amongst third party evaluator firms, as the only organisation that is able to conduct in depth research of both advisory and delegated investment services of the major investment consultants, as well as other fiduciary management providers.  By not competing with these firms, IC Select has unparelleled access to detailed information not available to other third party evaluators.

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Press Release: IC Select appoints new Managing Director to lead its Fiduciary Management Assessment Business

With over 35 years in the industry, Peter joins from Scottish Widows Investment Partnership (SWIP) where he was head of the institutional business.  He brings a wealth of experience in the UK and overseas in governance and risk management, as well as a real understanding of the now complex challenges faced by UK pension fund trustees.

On his appointment, Peter was quoted as saying: "I am delighted to have joined IC Select, an organisation that stands out in the world of oversight and selection of both investment consultants and fiduciary managers. What is already clear is that the lack of any competition between IC Select and any part of the fiduciary management firms it researches allows access to information that is unlikely to be given to other fiduciary management oversight firms. This has allowed IC Select to provide unique insights to trustees to help them understand the different offerings of the fiduciary managers. I am looking forward to the challenge of using these insights and information to further enhance the firms oversight offering."

Roger Brown, IC Select, Founder and Director, said: "The media is currently full of comment about the lack of appropriate due diligence in both selecting and overseeing fiduciary managers. Peter has only been with the firm a short while but his appointment has already enabled us to implement new structures for trustees to ensure they have appropriate control and oversight of their fiduciary managers in a cost effective way. What is more exciting for me, is that following his appointment we will be able to bring forward a number of new initiatives, to address some of the major analytical issues in overseeing fiduciary managers, that have been in development for some time."

ENDS

For further information please contact:
Roger Brown, Founder and Director
0131 221 6505
roger.brown@ic-select.co.uk

Peter Dorward, Managing Director
0131 221 6505
peter@ic-select.co.uk

IC Select, Forth House, 28 Rutland Square, Edinburgh EH1 2BW
Website: www.ic-select.co.uk
Tel: 0131 221 6505, Fax: 0131 221 6506.

Notes to Editors:

IC Select specialises in helping pension funds select, monitor and review investment consultants and fiduciary managers. The firm's assessment capabilities leverage on its unique positioning:

- wholly independent

- free of conflicts

- research led

- focused on assessment from an investors' and investment perspective

As a result, trustees can be more confident in the quality of their investment decisions and are able to enhance their scheme governance.

 

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