Draka UK appoints SEI for fiduciary management of DB scheme

Draka UK has appointed SEI to provide fiduciary management services for its defined benefit (DB) pension scheme.

The appointment followed a formal review process of fiduciary managers conducted by KPMG Investment Advisory. KPMG assisted the trustees in managing a request for proposal and individual site visits.

Alex Carter, trustee and finance director at Draka UK, said: “The trustees of Draka’s pension decided to appoint a fiduciary manager because we were keen to find a governance approach which would allow us to de-risk the pension plan and more effectively manage the assets against the liabilities.”

Patrick Disney, managing director of SEI’s Institutional Group for Europe, Middle East and Africa (EMEA), said: “We look forward to working with Draka in achieving its goals of effectively managing the pension’s funded level and protecting the long-term health of the plan.”

Patrick McCoy, head of investment advisory at KPMG, added: “Deciding to appoint and then selecting a fiduciary manager is a very significant decision for trustees to make.

“It is important to carefully consider the full universe of managers due to the wide range of approaches offered and then undertake thorough due diligence as trustees would for any fund manager appointment.”

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