UK pension plan appoints fiduciary manager

NegotiationA £160 million (€185 million) pension scheme has awarded a fiduciary mandate to SEI, which beat the existing investment consultant in the tendering process.

Cooper-Avon Tyres Limited Pension Plan, a UK defined benefit scheme of US-based Cooper Tire and Rubber Company, has outsourced manager selection, tactical asset allocation and reporting to SEI among other tasks associated with investment strategy.

SEI says it beat the pension plan’s existing consultant to the mandate, though it did not confirm the name of the consultant and Gavin Champion, chairman of the pension plan’s trustees, could not be reached for comment.

Speaking more broadly, and in a prepared statement, Champion said: “We decided to appoint a fiduciary manager because we wanted to be best positioned to seize opportunities in the market and delegate the day-to-day management of our pension scheme, allowing the trustees to focus on strategic issues. We were also keen to proactively manage the scheme’s funding level to ensure we have the best chance of meeting our goals.” 

Ian Love, managing director of UK institutional business development at SEI, says a positive first half of the year for SEI reflects the “growing acceptance of solutions like fiduciary management that focus on managing pension scheme funding levels”.

SEI, through subsidiaries and partnerships, manages or administers $507 billion (€382 billion) in mutual fund and pooled or separately managed assets, including $204 billion in assets under management and $303 billion in client assets under administration.

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