Fiduciary Management Market Survey 2022

Welcome to the latest survey of the UK’s fiduciary management market conducted by IC Select. This report draws on analysis from our most recent survey as well as previous surveys to give a broader picture of the fiduciary management market over the last six years or, in some instances, longer.

 

For this survey, we again set out to deepen our understanding in four main areas. We looked at changes in the size and composition of the market over the last five years; we analysed the retendering process for fiduciary management contracts following the reforms introduced by the Competition and Markets Authority (CMA); we assessed how strategic advice is provided for fiduciary management clients; we considered the use of third-party evaluators for the selection of fiduciary managers and we looked at the provision of oversight by size of scheme.

The UK fiduciary management market has grown by just over 70%, both by number of funds and assets under management over five years

Only a minority of schemes (30%) commission independent oversight, despite encouragement from The Pensions Regulator

Our main findings were:

• The UK fiduciary management market has grown by just over 70%, both by number of funds and assets under management over five years

• The vast majority (81%) of CMA contract retenders were won by incumbent providers

• There has been a 120% increase in the size of funds converting to fiduciary management

• Relatively few (8%) of the schemes that use fiduciary managers receive strategic advice from a third party

• 75% of schemes used a third-party evaluator to assist them in the selection of a fiduciary manager

• Only a minority of schemes (30%) commission independent oversight, despite encouragement from The Pensions Regulator

 

The results are shown in full, with accompanying analysis, in the downloadable PDF.