Dover Harbour Board Pension and Life Assurance Scheme (1973), Dover, England, is searching for a fiduciary manager for at least £101 million ($130.5 million) in assets.
The plan has followed a model using money managers with P-Solve serving as investment adviser since September 2009; P-Solve was renamed River and Mercantile Solutions in April 2018. The plan is now searching for a fiduciary manager for the first time, Chris Gilbert, pensions and insurance manager, confirmed in an email.
Mr. Gilbert said that following the U.K. Competition and Markets Authority's order in 2019, trustees are required to seek fiduciary services by June 2021 for half of the plan's assets to comply. CMA had concluded that competition was distorted after investigating consultants and the fiduciary management market.
Mr. Gilbert added that plan trustees are considering moving the entire £202.7 million in assets to fiduciary management, also known as investment outsourcing. "The trustees remain open-minded whether to move to a full fiduciary management arrangement and will use the process to evaluate the advantages of so doing compared with their current investment governance arrangements," he said. Further details were not available.
Ernst & Young LLP is assisting with the search as third-party evaluator.
Applications should be sent by noon British Summer Time Sept. 25 via European procurement website Tenders Electronic Daily.