Independent Review of Leading Fiduciary Managers Published

AllenbridgeEpic Investment Advisers (AllenbridgeEpic) a leading investment adviser to UK pension funds, is pleased to announce that it has published an independent review of the leading providers of fiduciary management. This major research project, undertaken by Senior Advisers John Arthur and Alex Noble, pulls together key findings on number and type of mandates, charging structures, differences in service provision and potential conflicts of interest. The report also highlights key areas for trustees to investigate when considering a move to fiduciary management and puts forward recommended questions for them to ask at interview.

Anthony Yadgaroff, Chairman of AllenbridgeEpic, said:
‘We felt that AllenbridgeEpic was ideally placed to undertake this research. We do not offer fiduciary management ourselves and our independent status meant that the fiduciary management providers were happy to participate openly in the research. Where fiduciary management is being considered, or has been implemented by a pension fund, we provide an independent, oversight advisory service, so we already had an understanding of the issues and concerns.’

John Arthur, Senior Adviser and project manager for the research said:
‘We interviewed eleven firms for this first report and this included consultants, fund managers and bespoke providers. We explored all aspects of their service via a written questionnaire and face-to-face meetings, and it is fair to say that the firms interviewed were transparent and co-operative when sharing information with us. Assuming there is sufficient interest in this first report from trustees and pensions managers, we hope to provide annual updates on this growing sector.’

The main conclusions from the research were:

  • Considering fiduciary management leads to a reappraisal of trustee objectives and journey plan
  • Various levels of delegation are available and these can change with time
  • Trustees are now looking towards beauty parades rather than automatically accepting their consultants’ offering
  • Conflicts of interest and overlapping of responsibilities between fiduciary managers/consultants/asset managers need to be understood and managed
  • Huge variety of offerings are available
  • True and full delegation is rare
  • This is still a comparatively small market in the UK
  • Capacity issues need to be resolved
  • The size of a pension fund affects how the service is delivered
  • Leverage in the liability matching portfolio and extent of hedging varies enormously  
  • There is a lack of clarity of fee structures, particularly with regard to performance measurement

Alex Noble, Senior Adviser and Business Development Director, explained:
‘The full research report is now on sale to pension funds at an introductory rate of ‘495 although this fee is reimbursed if the client subsequently appoints AllenbridgeEpic for independent advice. Our fiduciary management oversight service is valuable to trustees seeking a truly independent, expert opinion on the choices being presented to them. We help trustees ‘lift up the bonnet’ of the fiduciary management engine to identify what aspects of the service really need further investigation.’

Investment Advice


John Harrison

Managing Director - Institutional Advisory

Investment Analytics


Joanne Job

Managing Director - Head of Research

Alternative Investments

Tax-Advantaged Investments


Lauren Radford

Head of Business Management (Tax-Advantaged Investments)