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Fiduciary Manager Review 2024

Fiduciary Manager Review 2024

01 May 2024

Following large changes to the investment landscape for defined benefit pension schemes in recent years, many schemes are hitting the final stretches of their race towards their full funding objectives.

Whilst there has been a wholesale shift in the level of fixed income yields fuelling a surge to their finish line, many pension schemes will also have growth portfolios playing a key role within their strategy to help them get to the full funding finishing ribbon in one piece.

Bearing the scars of a tough year in 2022, for which it was likely growth portfolios had experienced significant absolute negative returns, many fiduciary managers (‘FM’) faced a difficult task jostling to position portfolios in the midst of a high inflation environment and with expectations of a global recession whilst also still adjusting the asset allocations of portfolios post the gilts liquidity crisis.

In 2022 those with higher allocations to illiquid assets and higher complexity provided protection against large negative returns. However, in 2023 there was a very different market backdrop.

Covering more than 90% of the UK fiduciary management market, this survey analyses 20 growth portfolios managed by 17 FMs over 2023 and assesses which fiduciary management solutions delivered the strongest investment performance.

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