The sole trustee for the Qinetiq Pension Scheme, Dalriada, together with the sponsor, has appointed a fiduciary manager to look after the £1.3bn of assets in the defence tech company’s scheme. 

Insight Investment has been appointed following a competitive selection process, with responsibility for advising the trustee on all aspects of investment strategy in addition to day-to-day oversight and management of the defined benefit scheme’s assets. 

David Fogarty, professional trustee at Dalriada, said: “Insight provided an FM proposition that fitted extremely well with the scheme’s current positioning and strategic objectives. As trustee, we were very impressed with the team and the proposed solution. We look forward to working with them and the sponsor to safely and securely deliver the benefit promises to the Qinetiq Pension Scheme members.” 

Moving to a fiduciary management model is “another step forward in enhancing the governance” of the scheme, said Qinetiq chief financial officer Martin Cooper. “Insight performed strongly in a highly competitive tender process and with the Insight team now onboarded, we look forward to a successful partnership in driving the best long-term outcomes for the scheme and its members.”

In 2019, Qinetiq completed a £690m buy-in with Scottish Widows, followed by a £130m buy-in with Legal & General in 2021.

Serkan Bektas, who heads up Insight’s client solutions group, said: “Our aim is to support robust governance and timely decision making that places the focus on the scheme’s journey. The framework we built together allows the trustee to concentrate on setting their strategic objectives and monitoring progress while we focus on reliable delivery of their targeted investment outcome.”   

Insight launched its fiduciary offering in 2024 and now has £4.6bn in OCIO and fiduciary assets under management.