To conduct a Fiduciary Management selection exercise with the right level of due diligence across providers requires a significant commitment of time and resource from trustees. Based on IC Select's own research work it estimates that it takes in excess of 80 hours desk based research plus a number of meetings to complete the due diligence on each fiduciary manager. This is time that trustees need to spend but don’t have the capacity to do so.
The full picture of IC Select's Fiduciary Management Selection Service covers all aspects of a fiduciary manager selection programme, from an investor's and investment perspective, including:
- full due diligence of providers
- managing the selection process
- deciding on the appropriate governance and risk management framework for the scheme
- determining the long list
- developing the requirements statement
- developing the Invitation to Tender (ITT)
- completing the scheme specific due diligence
- completing analysis and providing structure for short list decisions
- completing the fee analysis
- providing full documentation and audit trail of each element of the selection process
The first and most important aspect of any selecton process is the due diligence research conducted on a selection of both long and short-listed providers. Historically, this work has been conducted on behalf of a specific client when requested as part of a selection exercise. IC Select, uniquely, conducts in depth due diligence of all fiduciary managers, approached from a research rather than a specific client perspective. This due diligence focuses on three key areas:
- the firm's profile
- the investment approach
- operational quality and effectiveness
This means that pension trustees can conduct a much more time and cost efficient fiduciary management selection process. Being able to access IC Select's due diligence across all providers in an unbundled selection service complements any pre-existing knowledge and experience of providers and allows trustees to apply resources where they are most cost effectively applied.
IC Select has the experience and insights of working with some of the largest pension schemes in the UK and is able to provide expert input to help trustees understand the real differences between firms and allow them to select the most effective firm for their specific needs.
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