PiRho Investment Consulting has launched a new independent fiduciary management service giving small to medium sized UK pension schemes a choice of three pre-screened FM managers.

Following a competitive tender process over a 12 month period, BlackRock, LGIM and MN have been selected by PiRho as the fiduciary management providers for the service.

PiRho’s service offers an investment solution providing the advantages of fiduciary management to the small to medium end of the pension market while maintaining a strong governance framework. The approach gives pension funds the benefit of independent advice and three different fiduciary managers.

PiRho will advise the pension schemes on the investment objectives, level of hedging, de-risking triggers and will be the main point of contact between the scheme actuary and the fiduciary managers.

The independent investment consultancy will not charge pension schemes for manager selection.

PiRho investment consultant Des Hogan said “we have experience of providing independent consultancy and monitoring services of fiduciary managers to larger clients and wanted to provide similar, cost effective services to the small to medium end of the pension scheme market.”

“We conducted a long and extensive due diligence process to identify the three excellent fiduciary management providers and are delighted with the final shortlist of BlackRock, LGIM and MN. There certainly seems to be a keen market for this type of service.”

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