The trustee board of IPC Media Pension Scheme has appointed BlackRock as the fiduciary manager for around £600m (€713m) of assets.

Susan Andrews, from Ross Trustees and chair of IPC Media Pension Trustee Limited, said: “Appointing a fiduciary manager was a big step for us, but the trustee and scheme sponsor were convinced that in a changing environment this was the right time and an appropriate way to change how we manage the scheme’s investment arrangements.”

BlackRock will advise on and help design the scheme’s strategic asset allocation and “journey management framework” after an extensive analysis of potential downside scenarios.

The mandate will put BlackRock in charge of manager searches, selection and de-selection, and complete implementation services across all asset classes.

The mandate win continues BlackRock’s recent activity in the fiduciary space. In the UK, the asset manager also recently won a fiduciary mandate from the trustees of the £100m T-Mobile International UK Pension Scheme.

It was also awarded a €3bn fiduciary mandate by the Dutch scheme Bpf Meubel, the industry-wide pension fund for the furnishing sector, in April.

IPC Media, a magazine publishing company, was rebranded Time Inc UK in 2014 after Time Inc spun off as a separate publishing business from Time Warner.

The IPC scheme is a closed defined benefit pension plan for certain current and former UK employees. Following its most recent triennial valuation, as of April 2015, it had a deficit of around £156m.