Pension Funds Insider

Pension Funds Insider brings the latest pensions news and industry insights; from investment and governance updates to new mandate appointments and pensions regulatory information.

Sappi scheme appoints fiduciary manager

24 September 2013

Image for Sappi scheme appoints fiduciary manager

Trustees of the Sappi UK defined benefit (DB) scheme have appointed SEI as fiduciary manager for the whole £127m fund.

As fiduciary manager, SEI will provide strategic investment advice and will implement the scheme's de-risking and re-risking plan to meet the company's funding goals.

SEI will also manage the scheme's day-to-day investment strategy including selection and replacement of managers, tactical asset allocation, journey plan implementation, funding level monitoring and reporting.

Arthur Tucker, chairman of trustees at Sappi UK pension scheme, said: "We decided to appoint a fiduciary manager because of a desire by the trustee body to be more proactive in managing the scheme's funding level.

"We felt that partnering with a fiduciary manager would allow us to delegate the day–to-day management of the scheme, providing us with more time to focus on strategic issues. Our experience to date has supported this decision.

SEI was selected after a competitive process involving several providers.

Ian Love, managing director of UK business development at SEI Institutional Group, said: "We are delighted that the Trustees of the Sappi scheme have appointed SEI. 2013 has been a strong year for SEI's fiduciary management business and the huge momentum behind sales is a testament to the growing acceptance of fiduciary management as a model."

First published 24.09.2013

monique_simpson@wilmngton.co.uk