EE Pension Scheme, London, hired BT Pension Scheme Management as its fiduciary manager, according to a news release Monday.
BT Pension Scheme Management, which also Monday rebranded as Brightwell, expanded its capabilities to provide fiduciary services to other defined benefit funds. Brightwell remains the in-house manager of the £47 billion ($57.9 billion) BT Pension Scheme, London, and continues to provide administration services, investment management and advisory to the plan under the new name. The pension fund is not affected by the change, according to its website.
Brightwell will oversee investment strategy, portfolio management as well as manager oversight selection for the defined benefit section of EEPS, which has about 8,000 participants and around £1 billion in assets.
"We're delighted to be working with Brightwell and believe the partnership will deliver significant benefits for the scheme and its members. As schemes like ours mature, it's vital that they maintain access to the right mix of experience and expertise, and we're pleased to be working with a like-minded service provider able to meet our needs now and in the future," said Jonathan Clarke, chairman of EEPS, in the news release.
Brightwell said it will look for further opportunities to offer funding and fiduciary services to a select group of large pension funds.
"We devised and implemented an ambitious program of transformational improvement to the services we provide BTPS and learned a huge amount along the way. We are delighted that from today we can mark the next stage of our development by offering our unique skills and experience to EEPS," Brightwell CEO Morten Nilsson said in the release.
Otto Thoresen, trustee chairman of BTPS added in the release: "BTPS is maturing as a scheme. Making Brightwell's services available to EE and other schemes helps to answer the challenge of the scheme securing access to the depth of resource we need to maintain quality service for our members and safeguard their long-term interests."
A spokesman could not be immediately reached to provide further details.
