Barnett Waddingham rebrands UK fiduciary advice wing

13 August 2019 2 min. read
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Citing the changing fiduciary management market of the UK, Barnett Waddingham has rebranded its fiduciary advice team to provide advice to clients considering the appointment of a new trust manager. Company stalwart Peter Daniels has meanwhile been installed as the renamed FM Evaluate division.

The fiduciary management market has grown considerably over recent years and has brought with it new challenges for pension scheme trustees to address. While Barnett Waddingham has reiterated that it has no intention to enter the market as a provider of fiduciary management services, the firm has come to the conclusion that it is well placed to provide an expert independent oversight service to trustees who are considering or who have chosen to go down a fiduciary management route.

In order to tap into this demand, the firm has opted to rebrand its specialist fiduciary management advice arm, previously known as Fiduciary Management Oversight, as FM Evaluate. The wing provides advice to UK schemes on selecting and appointing fiduciary managers as well as ongoing monitoring of performance and other activities. Peter Daniels, who has worked for the consultancy since 2007, has been appointed head of Barnett Waddingham’s FM Evaluate after working on the development of the firm’s fiduciary management evaluation services for five years alongside David Clare, whom he succeeds.

Peter Daniels, Principal and Head of FM Evaluate

Commenting on the changes, Clare said, “The requirements resulting from the CMA’s order shine a spotlight on the value which independent, professional expertise can add for pension scheme trustees. I am looking forward to continue to work with Peter and the FM Evaluate team to help our clients navigate through this new phase of much improved industry standards.”

The investment practice has been advising and helping clients choose and understand their fiduciary management arrangements since 2014, having taken the decision not to become a fiduciary manager itself. The revamped business remains committed to remaining an independent investment consultancy and helping clients get the best out of fiduciary arrangements.

Daniels meanwhile added, “The service we deliver goes way beyond just oversight and draws from our expertise as one of the UK’s leading independent investment consultancies. Investment performance analytics is a key part of what we do, but it is our long track record in advising on strategy and trustee decision making which enables us to critically evaluate a client’s existing or potential fiduciary management arrangements. Through FM Evaluate, trustees and sponsors can ensure that their pension scheme’s investments are being implemented in the most effective and cost-effective way.”