MNRPF selects Schroders Solutions as fiduciary manager

The trustees of the £1 billion Merchant Navy Ratings Pension Fund (the “MNRPF”), has appointed Schroders Solutions following an open and competitive tender process.

Schroders Solutions demonstrated that they understood the Trustee’s needs and journey plan. It will also provide a robust investment platform, which is aligned with the Trustee’s Socially Responsible Investing (SRI) aspirations, and can support the Trustee’s ongoing governance needs through its digital reporting suite.

As fiduciary manager and asset manager, Schroders Solutions will be responsible for assisting the Trustee in evolving and implementing the Fund’s investment strategy. This includes access to Schroders Solutions’ broader suite of services including Liability-Driven Investment (LDI), buy and maintain credit, and structured equity. It will also entail absorbing and aligning the MNRPF’s existing private markets portfolio.

Schroders Solutions manages £117 billion (as at 31 December 2023) in outsourced investment and fiduciary management solutions globally.

Doug Ross, Chair of the Trustee, MNRPF, said:

“During the very competitive selection process, the Trustee learned that there were high quality alternatives on a par with our current provider. Leaving WTW was a very tough decision for the Trustees to make, particularly given the broader relationship they have with the Fund and the excellent service that they have provided over the years, but we were unanimous in this decision. We are pleased to have appointed Schroders Solutions to become one of our trusted advisors and provide fiduciary management services to the Fund, ultimately helping us to deliver member benefits. We look forward to getting started.”

Ajeet Manjrekar, Head of UK Client Solutions, Schroders, said:

“Today’s announcement is further testament to the strength of our offering and focus on working closely with trustees to understand their needs and help them navigate their complex investment challenges.

“The diversity of assets within the MNRPF portfolio demonstrates our market-leading ability to invest and strategically advise across a range of assets to deliver a full-service investment solution. We are grateful for the trust placed in us and look forward to working closely with the Trustee to help them meet their investment objectives.”

Peter Daniels, Partner, Barnett Waddingham, said:

”Trustees continue to review their engagement models as they navigate a more complex investment and regulatory environment. We were glad to have helped the Trustee find the right partner for them through our independent selection and appointment process. With Schroders Solutions in place to take on investment responsibilities, the Trustee has added security and capacity to focus on its strategic priorities.”

The current fiduciary manager, WTW, was appointed in 2014 and the Trustee had previously committed to reviewing the appointment in 2021 as part of its good governance framework. This change does not affect the other existing relationships between the Trustee and WTW. WTW will continue in partnership to deliver actuarial, data and employer liaison services.

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