Caffyns picks fiduciary manager for £60m scheme
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The trustees of the Caffyns Pension Scheme, for the listed car dealer, have appointed a fiduciary manager following a competitive tender.
The trustees chose WTW to manage the scheme’s £60m in assets, after a process arranged by consulting firm XPS Pensions Group, for “having demonstrated a clear understanding of the trustee and company’s journey plan".
SEI Investments was previously the scheme’s fiduciary manager.
SEI Investments was previously the scheme’s fiduciary manager.
Trustee chair Mark Harrison said: “The trustee was impressed with WTW’s understanding of the scheme’s specific situation and proposal of a robust and competitively priced solution to help us over what will be a critical period for our scheme. We are very much looking forward to working with WTW as the scheme moves towards meeting its ultimate goals.”
André Kerr, head of fiduciary management oversight at XPS, said the trustees wanted to appoint a fiduciary manager that has the capabilities to manage the scheme to its endgame.
“WTW showed that they are the right party to support the trustee by clearly demonstrating how they would take the scheme right the way through to the conclusion of its journey plan in a way that fully aligned with the trustee’ objectives,” he explained.
“WTW’s understanding of the scheme’s context alongside the high liquidity and low cost of their solution really stood out in their proposal.”
WTW’s new liquid fiduciary management solution had seven clients invested with total assets of £940m as of 30 September 2024, according to Pieter Steyn, WTW head of investments clients GB.
“The addition of Caffyns Pension Scheme and another recnt win will tip assets in the new solution well over the £1bn mark,” he added.
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