Fiduciary Manager Review 2026
Fiduciary Manager Review 2026
21 May 2026
Analysis of 21 UK fiduciary management growth portfolios
2025 reinforced a simple truth for pension schemes: even when markets are on your side, there is no substitute for diligent fiduciary manager (FM) oversight and robust benchmarking.
FM growth portfolios delivered solid returns last year, but the spread between top and bottom performers remained significant. Much of that gap came down to how managers built their portfolios and active decision making.
With more schemes looking to the long term, and increasingly considering running on, the bar for growth-portfolio performance is getting higher. Trustees are seeking clarity, consistency and confidence that their FM is adding value in an environment of increasing attention.
Our survey, covering over 90% of the UK fiduciary management market, reviews 21 growth portfolios managed by 15 FMs in 2025, providing an assessment of which solutions delivered the strongest absolute and relative performance.
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