Cliff Speed was named CEO of TPT Investment Management, a new OCIO business launched by multiemployer defined contribution plan TPT Retirement Solutions, Leeds, England.
TPT received regulatory approval from the Financial Conduct Authority to offer fiduciary management — OCIO — and consultancy services to trustees of defined benefit funds, without the plan needing to join the master trust arrangement, through its new TPTIM. Trustees of the plans will remain in place.
A spokesman for TPT said in an email that the firm has been in dialogue with the market over the last couple of months, but the formal approval now allows for those conversations to accelerate. Executives believe the TPTIM offering is best-suited to midsized pension funds, "but we are open to enquiries from all pension funds," the email said.
The new company builds on TPT's existing in-house investment management function for its master trust, and TPTIM will also take on the management of its parent company's £10.4 billion ($13.2 billion) in master trust assets, a news release said.
TPTIM will launch a set of collective investment vehicles as alternative investment funds, generating scale across investments.
"This marks the beginning of a new and exciting chapter for TPT," David Lane, CEO of TPT Retirement Solutions, said in the release.
"We remain firm advocates of the master trust model and are the standard bearers of consolidation. However, we recognize that one size doesn't fit all, and for some trustees joining a master trust is not a viable option. Through our new offering, we will offer trustees the ability to retain legal responsibility for the overall delivery of member benefits, whilst generating efficiencies through scale and access to best-in-class pension scheme investment management capability. This will provide better value to the schemes, incorporate the highest levels of stewardship and, ultimately, deliver better outcomes for members," he added.
Mr. Speed was CIO of TPT Retirement Solutions. He will continue to lead on the development of the parent company's strategic investment proposition, the spokesman said. The firm is also expanding the TPTIM team "in anticipation of delivery of our future growth plans."