CAAPS appoints BlackRock as fiduciary manager

Civil Aviation Authority Pension Scheme (CAAPS) has appointed BlackRock as fiduciary manager of its £4bn growth portfolios following a competitive tender process facilitated by IC Select.

The trustees of the scheme, which consists of both the Civil Aviation Authority and NATS (formerly known as the National Air Traffic Services) sections, will also be provided with training, guidance and transition management services.

BlackRock will build a custom portfolio according to each sections’ needs while aiming to build in greater portfolio resilience, while also using its risk platform, Aladdin, to understand the risk and return characteristics driving funding levels.

CAAPS independent chair, Joanna Matthews, said: “We conducted a thorough review of the fiduciary manager market with the assistance of an independent consultant, IC Select, and selected BlackRock as they were a good cultural fit and they clearly demonstrated the strength of their investment offering and the scale and depth of their resources.

“We look forward to working with BlackRock to achieve our long-term investment objectives.”

BlackRock head of UK, Sarah Melvin, added: “A vast number of schemes are currently navigating an uncertain global environment, and more and more making the decision to outsource.

"Our problem-solving approach to fiduciary management has resonated very well with CAAPS and we are thrilled that they have chosen BlackRock as their partner to manage their growth portfolios.”

BlackRock head of UK fiduciary business, Sion Cole, said the company would be able to deliver a “truly tailored and innovative portfolio” for the scheme and help to secure the retirement benefits of its members.

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