UK scheme hires fiduciary manager

HiredPalmer & Harvey, a UK wholesale business, has hired a fiduciary manager to invest £120 million (€148 million) of pension assets.

Russell Investments, a specialist fiduciary manager, will advise the plan’s trustees on their investment strategy and portfolio design, and take accountability for its implementation over the coming years.

Russell said fiduciary management “seeks to bring clarity around investment decision-making and puts accountability at the core of that process to ensure a stronger governance structure”.

The firm also said its recent research found the majority of trustees and institutional investors (87%) see accountable investment delegation as a primary advantage of using a fiduciary manager.

Shamindra Perera, head of UK institutional at Russell, said: “An increasing number of schemes are approaching us to help them improve their governance.”

Russell, which is headquartered in Seatle, Washington, had $152 billion (€115 billion)under management at  June 30, 2012.

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