R&M secures close to £2 billion in pension scheme mandates as CMA deadline approaches
Included in the total is a new fiduciary mandate from the £210m Dover Harbour Board Scheme
As the deadline for the Competition and Markets Authority (‘CMA’) fiduciary manager retender arrives, River and Mercantile (“R&M”), the investment solutions and asset management specialist, today announces it has been awarded nearly £2bn in new pension scheme mandates in recent months. Included in the total is a new fiduciary mandate from the £210m Dover Harbour Board (“Dover’) Scheme. The tender process for Dover was intermediated by third party evaluator EY who helped the trustees form their current and future key investment requirements and preferences, and subsequently advised on the selection process.
R&M 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. The team is committed to helping pension scheme trustees achieve their long-term objectives by taking on the management of the schemes’ day-to-day investment decisions, leaving trustees to focus on the bigger picture decisions.
Ajeet Manjrekar, co-Head of R&M Solutions, said:
“We are proud to have won nearly £2 billion in mandate appointments in recent months, which is testament to the strength of our proposition and the strong track record of our team in customising our offer to meet schemes’ specific needs. It is encouraging that during the retender process, we have received a very positive response from both existing and new clients and I am extremely encouraged by the number of new clients we have won in the last year. We were the one of the first Fiduciary Managers in the UK and consequently have a long track record. As demand for delegated services grows, our longevity means we are well placed to benefit from this trend which I believe will only get stronger.
Bob Holmes, Chair of Trustees of Dover, added:
“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. Moving to a fiduciary mandate builds on what we have achieved together thus far and will allow us 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.”
William Compton, Senior Manager at EY, noted:
“It was absolutely critical for the trustees to be able to visualise the investment potential, operational rigour and cost benefits a fiduciary manager could bring; our independence, deep knowledge of the industry and clear methodology allowed the trustees to make their decision with ease and confidence.”
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About River and Mercantile Group
River and Mercantile Group PLC specialises in investment solutions and asset management and is listed on the London Stock Exchange. The group serves a range of institutional investors and investment intermediaries with tailored solutions and investment strategies, covering equities and alternative investments. Formed in 2014 through the merger of P-Solve and River and Mercantile Asset Management, the group’s AUM is over £45 billion* with offices in the UK, Australia, and the US.
R&M has won multiple awards including the Fiduciary Manager of the Year in the Professional Pensions UK Pensions Awards 2020 and the LDI Manager of the Year for the Pensions Age Awards 2020 and the European Pensions Awards 2020.
*Assets under management represents amounts on which management fees and performance fees are charged across all asset classes managed by the Group. In relation to Derivatives, AUM represents the aggregate billing notional of the derivative contracts on which management fees are charged.
About the Dover Scheme
The Port of Dover, owned and operated by Dover Harbour Board, is the busiest international roll-on roll-off ferry port in the UK, handling up to £122 billion of trade (and 17 per cent of the UK’s trade in goods) per annum. Dover is also the second busiest cruise port in the UK and has a growing and diversifying cargo business operating next to the world’s busiest shipping lane and on the quickest sea route to Europe. A marina and property business complete the portfolio. The Scheme is a final salary, defined benefit scheme that is closed to new members and future benefit accrual for existing members. It has approximately 1,275 members and assets of £210m.
This release constitutes a financial promotion and has been issued and approved by River and Mercantile Solutions, a division of River and Mercantile Investments Limited which is authorised and regulated in the United Kingdom by the Financial Conduct Authority and is a subsidiary of River and Mercantile Group PLC (registered in England and Wales No. 04035248).
The value of investments and any income generated may go down as well as up and is not guaranteed. An investor may not get back the amount originally invested. Past performance is not a guide to future performance. Changes in exchange rates may have an adverse effect on the value, price or income of investments.
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