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BlackRock wins UK pension fund fiduciary management

Pension FundBlackRock has won a fiduciary management mandate that will see it use £4 billion to build a custom portfolio for a UK pension scheme.

Civil Aviation Authority Pension Scheme (CAAPS) has handed BlackRock growth portfolios with £4 billion (€4.4 billion) of assets and the brief covers asset allocation and manager selection across all asset classes.

CAAPs used IC Select for the tender process and the mandate also sees CAAPS trustees receiving training, guidance and transition management services.

Joanna Matthews, independent chair of CAAPS, said BlackRock was a good cultural fit and “they clearly demonstrated the strength of their investment offering and the scale and depth of their resources”.

Sarah Melvin, head of UK at BlackRock “more and more” pension schemes were making the decision to outsource.

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