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Fiduciary Manager Appointment Documentation: 10 Critical Issues

Fiduciary Manager Appointment Documentation: 10 Critical Issues

04 Jul 2024

Trustees receive a considerable amount of documentation when appointing their fiduciary manager for the first time or when there is a change in the relationship. These documents define the relationship between the trustees and the fiduciary manager.

Adam Rouledge explains the importance of reviewing the small print and shares 10 key insights for trustees on key issues they should look out for.

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Key Highlights

  • Fiduciary manager documentation needs to be independently reviewed as it shapes the relationship between trustees and the manager and is of critical importance when something unforeseen happens (e.g. the 2022 gilts crisis).
  • Trustees should review the documentation when appointing an FM or when their investment beliefs, market conditions or the funding position change materially.
  • Typical documentation covers investment objectives, liability hedge ratios, asset allocation restrictions, de-risking frameworks, trustees’ liabilities and fees.

In this article, we give our guidance on what should be covered in these areas. Download the PDF here to read more.

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