Fiduciary Management Market Survey 2023

In our latest annual survey of the fiduciary management sector, published today, we found that the recent growth in the UK fiduciary management market has stalled.

Over the past five years, the market for fiduciary management has grown by 50% in client numbers and 16% in assets under management. But 2022 saw the first significant fall in asset values for more than a decade. This fall was driven by the rise in bond yields, which reduced the value of liability-driven investment (LDI) funds held by fiduciary managers.

Client growth also stalled in 2022, with a net increase of just three funds. This came as scheme buyouts and transfers to the Pension Protection Fund offset new funds moving to fiduciary management from advisory arrangements.

Some 13 fiduciary managers took part in the latest survey. We sent participants detailed questionnaires and our findings are based on their responses as of 31 December 2022.

These were this year’s key findings:

  • The UK fiduciary management market saw a 24% fall in asset value in 2022 while client growth stalled.
  • Relatively few (9%) of the schemes that use fiduciary managers receive strategic advice from a third party.
  • The re-tender process established by the Competition and Markets Authority (CMA) is now largely complete. A full 80% of schemes retained their incumbent fiduciary manager.
  • Some 66% of schemes used a third-party evaluator to assist them in the selection of a fiduciary manager – a reduction of 9% from the previous year.
  • Only a minority of schemes (34%) commission independent oversight, despite encouragement from The Pensions Regulator.


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