Schroders has been appointed as Fiduciary Manager to the GBP42 million pension fund of Howard de Walden, the property management specialist responsible for a diverse range of property in the Marylebone area of London.
Howard de Walden Estates Ltd Retirement Benefits Scheme selected Schroders as Fiduciary Manager following a competitive tender process managed by IC Select, a specialist firm in fiduciary management and investment consultant selection and oversight.
Following a smooth transition of assets which completed in January 2021, the scheme achieved full funding on Technical Provisions in February due to the combination of recovering markets and falling liability values driven by rising gilt yields. Schroders Fiduciary Management team took advantage of these factors to de-risk and ‘lock in’ the Scheme’s improved position.
Neil Walton, Head of Investment Solutions, Schroders, says: “I am very pleased that we can build a long-term fiduciary relationship with Howard de Walden that utilises Schroders wide range of investment expertise and meets the Scheme’s evolving needs.
“Schroders appointment by Howard de Walden as its fiduciary manager recognises our commitment to working in close partnership with clients.
“It is of course pleasing to see Howard de Walden’s funding level improve markedly since we were appointed as fiduciary manager, which is testament to the investment expertise and insight of our fiduciary team.”
Mark Kildea, Chairman of the Trustee Board of the Howard de Walden Estates Limited Retirement Benefits Scheme, says: “After a thorough, two-stage selection process the Trustees of the Howard de Walden Retirement Benefits Scheme are confident in their choice.
“We benefitted greatly from having IC Select, a knowledgeable independent expert, to advise us throughout the selection process.
“Following Schroders appointment, the Fiduciary Management team was instantly proactive in responding to the favourable change in market conditions and helped our scheme to improve its hedging position. We look forward to working with them.”
Schroders’ Fiduciary Management team is focused on the delivery of clients’ required long-term funding objectives. It is part of Schroders’ Solutions division which works closely with clients and their advisors to develop tailored investment solutions.