Pension experts PwC and Redington recently announced a strategic alliance combining the two firms' strengths to better help their clients deal with the challenges faced by the pensions industry. The firms believe that by partnering they will be able to better help organisation eliminate deficits, manage risks associated with pensions, and improve funding levels.
Redington is an in 2006 founded UK-based independent and employee-owned investment consulting firm specialised in investment consulting, ALM, risk budgeting, investment strategy, and manager research & selection. The firm designs, develops and delivers investment strategies and advises more than 60 clients, including 11 of the 25 biggest pension funds in the UK.
Just weeks after the two firms were recognised as top performing pension advisors during the UK Pensions Awards, Redington and PwC decided to join hands to help their clients meet the needs in today’s challenging pensions environment. The partners believe that an end-to-end independent advisory proposition is necessary to tackle the challenges faced by the pensions industry, such as concerns over conflicts of interest in the investment consultancy process.
Under the strategic alliance, the two firms will provide organisations dealing with these challenges with independent advice, all the way from strategy through to execution. The partnership will connect Redington’s investment advisory business with PwC’s multi-disciplinary pensions practice. Redington will focus on adding value to the asset side of the equation, helping to drive returns from assets, improve funding levels and reduce downside risk, while PwC will focus on financing deficits, modernising pension plan designs, and asset liability strategy.
Commenting on the alliance, Raj Mody, Head of UK Pensions Consulting at PwC, says: “By applying the firms’ knowledge, people and analytics in an integrated way, this alliance will help sponsors and trustees better understand and implement the necessary changes that will solve the challenges they face. Importantly, clients can be confident about the independence of advice particularly around asset strategy. The alliance of two leading innovators is hugely exciting.”
Robert Gardner, Co-CEO at Redington, adds: “Redington and PwC recognise that the challenges facing pension schemes and savers are volatile, uncertain and complex. Together, we are committed to help clients repair their deficits, and protect their funding levels. We believe an integrated solution, leveraging the breadth, depth and skills of both firms, is the best way to tackle the needs of our clients.”