Goldman Sachs Asset Management has set its sights on capturing 10% of the flows into the UK fiduciary management market for its Global Portfolio Solutions division (GPS), which currently manages worldwide assets worth $22bn (€16.3bn).The firm, which manages £25bn (€29.7bn) across all UK institutional assets, sees fiduciary management – where an asset manager, consultant or other agent takes the reins of strategic advice, investment implementation and risk management alongside its institutional client – as a fast-growing part of the UK pensions market, albeit still in its early stages.David Curtis, GSAM head of UK institutional business, told IPE: “Although the trend has yet to be established, we think fiduciary management and delegated solutions will be a major part of the UK market going forward.“Over the course of next year, fiduciary management is going to be a major business initiative for us.” The firm claims to be one of the first asset managers to have established a fiduciary management capability, having worked with clients according to the model since 1995.The vast majority of the GPS assets come from US institutional investors, but the firm said it aims to increase its fiduciary management assets by capturing 10% of the flows into both the US and the UK markets.A September publication from human resources group Aon Hewitt, ‘Delegated Investment Survey 2013’, found that 36% of the 275 UK defined benefit (DB) scheme respondents, representing some £130bn of assets, had appointed a delegated investment provider, up from 18% in its 2011 survey.Aon Hewitt estimates that 5% of all UK DB schemes have moved to a fiduciary management approach and expects 25% to have employed a fiduciary manager within the next five years.While Curtis acknowledged activity among larger UK schemes seems modest, he noted that fiduciary managers have enjoyed considerable success winning mandates from schemes at the £50m mark and below.“That trend is moving up the food chain – my sense is that there are a lot of schemes in the £100m-150m range that are looking, and that’s where we want to start offering our services and where we are planning a big push,” he said.Recognising that the UK’s powerful investment consultants, offering their own fiduciary management or ‘implemented consulting’ solutions, could pose a significant barrier to entry, Curtis emphasised that scheme trustees should be aware of the challenges of implementation and not assume fiduciary management services are a natural extension of the traditional consulting role.However, GSAM has had its own problem as a fiduciary manager, in the key European market of the Netherlands.Its relationship with transport workers’ scheme Vervoer ended badly in 2012, with the fund suing for damages in an ongoing case in the English courts, alleging unreasonable delays to investment implementation and subprime crisis-related losses.The Dutch fund has since dropped some of its claims against GSAM.Curtis declined to comment on this relationship or the court case, but he did underline the importance of clients genuinely “wanting to engage” with the fiduciary management concept.“This is not about outsourcing, it’s about the client engaging with its service providers in a different way from how they previously engaged,” he said.“It’s an opportunity for the fiduciary manager to do the day-to-day work so the client can concentrate on the strategic work – and your client needs to be present at the table with you on that strategic work, or else the project fails.”
MASON CITY — Nobody was hurt after a fire at a rural Mason City senior living facility over the weekend. The Cerro Gordo County Sheriff’s Department says they received a fire alarm at about 4:25 Sunday afternoon at Country Meadow Place at 17396 Kingbird Avenue just west of Mason City. Further investigation showed smoke was coming from one of the resident’s rooms on the west side of the building. The Clear Lake Fire Department entered the building and located a cloth material that was smoking which appeared to have been burnt in a microwave in one of the rooms. The building was ventilated and no injuries were reported.
COMPETITION: Management at The Mount Errigal Hotel are giving ONE lucky family the chance to win a FREE family pass to meet and greet the cast of FROZEN!All you have to do is answer the following to be in with a chance of winning. What season does Olaf sing about in Frozen?Send your answers to [email protected] Mount Errigal Hotel, Letterkenny is proud to host Sing-a-long-a Frozen on Tuesday December 29th as part of a national tour.It the first time the show tour and management are delighted that the mount Errigal is only one of three venues that will host Sing-a-long-a Frozen, when the unique, interactive screening of the worldwide phenomenon Frozen rolls into town as part of a nationwide UK tour. Singalonga Productions are delighted to announce that Disney’s Frozen is the new Singalonga must see! A screening of Disney’s Frozen with lyrics on screen to help you sing along with Elsa and Anna.The evening is introduced by a live host who will show you how to use your interactive prop bag and then just sit back and ‘Let it Go’! YOU the audience can be the stars!Remember to dress up as your favourite character and be a Snow Queen for the day or Olaf the snowman, the coolest iceman ever!Disney’s Frozen has taken the world by “snowstorm” and has become the biggest animated film in the world and fifth biggest film of all time.In this heart-warming tale, fearless optimist Anna sets off on an epic journey, teaming up with rugged mountain man Kristoff and his loyal reindeer Sven, to find her sister Elsa whose icy powers have trapped the kingdom of Arendelle in eternal winter.Encountering Everest-like conditions, mystical trolls and a hilarious snowman named Olaf, Anna and Kristoff battle the elements in a race to save the kingdom. The Academy Award winning song “Let it Go”, which has now sold over 250,000 copies in the UK, will feature as part of Sing-a-long-a-Frozen, along with the rest of the platinum certified soundtrack making this sing-a-long one not to be missed.Sooooo ‘do you wanna build a snowman…..?’• TOUR DATES:Sing-a-long-a Frozen 12 noon at The Mount Errigal hotel Letterkenny ) on Tuesday 29th December 2015, Tickets on Sale : Saturday 14th March 2015.WIN FREE TICKETS TO MEET THE CAST OF FROZEN AT THE MOUNT ERRIGAL HOTEL was last modified: December 28th, 2015 by Mark ForkerShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:BusinessFeaturesnews