The £210m (€243.4m) Dover Harbour Board Scheme & Life Assurance Scheme (1973) has selected River and Mercantile (R&M) as its fiduciary manager.
The tender process was intermediated by third party evaluator EY which helped the trustees form their current and future key investment requirements and preferences, and subsequently advised on the selection process, R&M said in a statement.
Bob Holmes, chair of trustees of Dover, said: “As our investment advisors since 2009, R&M has helped us successfully overhaul our investment and liability management strategy and implement some innovative solutions for a scheme of our size that resulted in an improved funding position achieved with less risk despite challenging market conditions.”
He said that moving to a fiduciary mandate will allow the fund “to manage our investments even more efficiently and meet the cashflow requirements of the scheme as we move towards the achievement of our long-term funding objective”.
The defined benefit scheme, which is closed to new members and future benefit accrual for existing members, has approximately 1,275 members.
As the deadline for the Competition and Markets Authority (CMA) fiduciary manager retender arrives, R&M announced it has been awarded nearly £2bn in new pension scheme mandates in recent months.
Mandate wins include a fiduciary management mandate for £630m in addition to a liability-driven investments (LDI) brief worth £530m from the Smurfit Kappa UK Pension Fund last year.
The firm claimed it has delivered strong performance for its fiduciary clients over the past year in what was a challenging period for pension schemes and since 2005 when the fiduciary offering was launched.
Ajeet Manjrekar, co-head of R&M Solutions, said: “We are proud to have won nearly £2bn in mandate appointments in recent months, which is testament to the strength of our proposition and the strong track record of our team.”
As demand for delegated services grows, he added, “our longevity means we are well placed to benefit from this trend which I believe will only get stronger”.
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