At the beginning of 2022, ESG was at the forefront of every discussion. Despite focus shifting to the volatile market and mini budget of late last year, ESG remains a key addition to everyone's agenda. So, where does fiduciary management fit in the ever-evolving world of ESG, and how can it help schemes in their net zero journeys?

This session will address: 

• Is there any uncertainty around fiduciary duty which is hindering impact investment?
• How far should trustees follow or diverge from its pension fund's business requirements to achieve maximum returns without causing issues for the sponsor?
• How can the industry remain consistent and continue to make progress towards a greener future when ESG is so difficult to measure?
• How does TCFD reporting fare in a fiduciary management environment?
• What insights can we gain from larger schemes currently going through the TCFD process?

LDI has been the buzzword within the industry since September 2022, especially following The Pensions Regulator's and Financial Conduct Authority's published guidance released on the 24th April. It said trustees should only invest in leveraged LDI arrangements which have put in place an appropriately sized buffer and a market stress buffer. With so much for trustees to already worry about, how can fiduciary management help take the pressure off schemes, and what can we learn from them?

This case study session will address:

• How did fiduciary managers cope during the LDI crisis?
• How did this impact investment performance vs their objectives?
• How have fiduciary managers changed their LDI structures since the crisis?
• Lessons learnt regarding the governance of fiduciary management
• What should schemes be looking for in terms of LDI when selecting and monitoring a fiduciary manager?

In this session, Ajeet Manjrekar will discuss the current state of fiduciary management in the wake of the recent gilts crisis and explore new investment strategy solutions. He will begin by highlighting the importance of adopting a fresh perspective when preparing for the next crisis, emphasizing the need to learn from past lessons on liquidity, governance, and control. Manjrekar will then examine the implications of the current funding landscape for defined benefit schemes, and the challenges and opportunities presented by the growing trend towards consolidation. He will also discuss the changing role of fiduciary management in this context, with a focus on the need to manage liquidity and match cash flows. The presentation will explore the role of illiquidity in this new landscape, and the importance of understanding time horizons and reshaping legacy assets. Finally, Manjrekar will discuss the cost-effective governance opportunities provided by fiduciary management, and the key takeaways for trustees looking to de-risk and streamline their operations. Attendees will come away with a fresh perspective on fiduciary management in a post-crisis world and actionable insights for navigating this new landscape.

2023 brings a new era for Defined Benefit pension schemes. With interest rates and the rising of inflation beginning to ease off, it's likely for most that their scheme's funding position will have improved. Regardless of funding, schemes cannot ensure liabilities overnight, but if buyout is now within reach, schemes should begin to prepare by looking at lock-in gains and even pushing on with buyout readiness actions. So, can fiduciary management help schemes on their buyout journeys?

This session will address:

• How can fiduciary management help with scheme's endgame journeys?
• How will fiduciary management help you on your endgame journey with costs?
• How can schemes get rid of illiquid assets if their buyouts get closer?
• Looking at schemes that have used fiduciary management to get them on their endgame journeys
  

Following the end of 2022 and with endgame on the horizon, schemes’ focuses may naturally change. This could mean your fiduciary manager may not be the right fit anymore. So, how do you know what indicators to monitor, when it’s time to change and how to ensure the smoothest transition process for your team? With so much to worry about already, it is crucial your scheme has the right fiduciary manager to guide you through the rest of 2023 and beyond!

This session will address: 

• How to supervise and compare the performance of fiduciary managers
• What are the indicators that it is time to review the fiduciary mandate and potentially the manager?
• What factors to consider if you do decide to change fiduciary manager?
• What are the challenges with changing fiduciary manager?
• How can you ensure a smooth handover process?

Following the investment market and LDI turbulence, there has been lots of negativity recently towards liability driven investment and the industry has been left feeling uncertain on the future of LDI. Different fiduciary management providers got through the end of 2022 in different ways. However, can the introduction of fiduciary management help schemes in uncertain times?

This session will address: 

• How did fiduciary managers fare during the turbulent events of last year?
• What were the learning points for fiduciary managers, and their arrangements with investment managers?
• Has trustees’ growing appetite for fiduciary management changed?
• How might this impact fiduciary management fees going forwards?
• Are schemes in a better place now if we see a rerun of last year, or does more need to be done?