Mn Services has been appointed as fiduciary manager to two pension schemes with combined assets in excess of £775 million.

The trustees of the £25 million Macmillan Cancer Support Pension Scheme announced in November 2009 their intention to work with Mn Services, and the agreement will see the fiduciary manager strive to achieve the trustee’s funding level objective by enhancing its risk/return profile. Mn Services will implement, monitor and manage the strategy on a continuous and integrated basis.

The second mandate, which Colin English, head of business development at Mn Services Investment Management UK, told Pensions Age is, “as far as I am aware, the largest fiduciary management appointment that has been made public for over 18 months”, is for assets of around £750 million.

Sarah Smart, chair of trustees of the Macmillan Cancer Support Pension Scheme, said: “Our Board of Trustees recognises that we don’t have the governance budget to manage all aspects of our investments in relation to our liabilities on a continuous and integrated basis. Fiduciary management enables us to delegate the day-to-day integrated management and monitoring of our assets to a team of professionals, while retaining control over our strategy. Mn Services’ track record as a fiduciary manager and their ability to tailor their fiduciary management solution to our requirements convinced us that they are the right partners for us. We are confident that it will provide us with improved control over our funding level.”

Remco van Eeuwijk, managing director UK for Mn Services, added that the team are pleased with the Macmillan Cancer Support Pension Scheme appointment. “We had not expected to gain our first UK clients so quickly,” he said. “It confirms to us that the fiduciary management model is as relevant to trustees here in the UK as it is in the Netherlands. It also confirms that UK trustees value Mn Services for our proven track record, our integrated yet flexible solution, and our commitment to helping pension schemes obtain the most cost-effective services from their fund managers, custodian, and other service providers.”

Mn Services launched in the UK market in March 2009, following creation in 2001 in the Netherlands. It manages more than £55bn in assets for Dutch and UK pension schemes.

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