AllenbridgeEpic Investment Advisers, a subsidiary of Allenbridge Investment Solutions LLP, provides cost-effective solutions for institutional investors.This document is directed only at professional investors and is issued by AllenbridgeEpic Investment Advisers Limited, an appointed representative of Exception Capital LLP which is Authorised and Regulated by the Financial Conduct Authority.

Independent, uncompromised, trusted investment advice Summer 2013

1For more information about AllenbridgeEpic Investment Advisers visit www.allenbridgeIS.com/advice/introduction

At AllenbridgeEpic we chargefixed fees. Everything isclearly costed before youcommit to our advisory service. You can buy as muchor as little as you require. But you can be very sure youare unlikely to receive suchexcellent value for moneyfrom any other adviser.

AFFORDABLECONSULTANCY

At AllenbridgeEpic you willfind the widest range of expertise on tap: advisers whohave worked both in the investment and pension fundarenas. All have distinguished,enviable track records andyou’ll be hard pushed to getaccess to such expert adviceanywhere else.

EXPERTOPINION

At AllenbridgeEpic weformulate the best advicefor clients in a trulyindependent fashion.The advice you’ll receive willbe genuinely tailored to yourspecific requirements and free of ‘house view’syndrome.

INDEPENDENTTHINKING

At AllenbridgeEpic we won’tleave you feeling ‘what, exactly, did I pay my adviserfor?’ Our prime objective isto deliver a clear step-by-stepset of ‘actionable outcomes’ - in response to your objectives - ensuring youknow the results of any recommendation.

ACTIONABLEOUTCOMES

We were delighted that PIMCO co-hosted our annual conference on11th June 2013, which by all accounts was a useful morning forthose that attended. We covered awide range of topics with speakersfrom AllenbridgeEpic and PIMCO inan effort to suggest different opportunities where pension fundscould find alpha in this uncertainworld. The conference ended with areview of the UK economy from ourkeynote speaker, Stephanie Flanders,Economics Editor.

30% of our pension fund audiencemanaged assets exceeding £5bnand, at the other end of the spectrum,a similar number of attendeesmanaged funds under £250m.

Before the conference began, 20%of these funds felt that the best realreturn could be achieved by investing in equities. However thischanged somewhat after our ‘speeddating’ session, and inflation hedging opportunities began to lookmore attractive to the audience.

The first session, by Marc Seidner ofPIMCO, was thought-provoking andinteresting, covering global assetallocation. We then ran a ‘speeddating’ session, hearing ten minutepresentations on different inflation-linked opportunities in equityinvestment, inflation hedging,property, hedge funds and infra-structure. The ‘before and after’ voting saw a marked increase inattendees who would like to look atinflation hedging and hedge funds -the figures do not relate whetherthat was due to content orpersuasive speakers!

After a coffee break in the light andairy Andaz Hotel conference suite,

Karen Shackleton took us through thequick-sands of investing in illiquidassets and compared theseinvestments with more modernsolutions-based approaches, such asdiversified growth funds, risk parityand liability driven investment. Over80% of pension funds in the audiencehad allocations of between 0% and15% in illiquid assets and about11% of attendees were looking toincrease their exposure. Illiquid assets, it seems, are here to stay!

Finally our key note speaker,Stephanie Flanders, gave us somepersonal ‘Stephanomics’ with insights around not only the situation in the UK but also puttingthat into a global context. In addition, she was able to share herthoughts with us having recently interviewed the new Governor of the Bank of England, Mark Carney.

If you missed the event this year, wedo hope that you will be able to joinus in 2014!

Searchingfor AlphainanUncertainWorld... A Review

By Alex NobleSenior Adviser

The slides from this year’s conference arenow available - please contact Alex Nobleat alex.noble@allenbridgeepic.com if youwould like an electronic copy of these.

2For more information about AllenbridgeEpic Investment Advisers visit www.allenbridgeIS.com/advice/introduction

Summer 2013

Fiduciary Management-What’s in a Name?

By John ArthurSenior Adviser

AllenbridgeEpic has recentlycompleted an in-depth report intothe fiduciary management offeringsof the eleven main service providersin the UK. This research included awritten response to a bespoke questionnaire from each provider,which was then followed up with anin-depth interview.

So what isfiduciary management?

Our definition of fiduciarymanagement is as follows:

The delegation ofresponsibility to manage all,or a portion of, a pensionscheme’s assets with regardto an overarching schemebenchmark, which willtypically be the scheme’sliabilities as describedwithin the funding ratio.

In essence the trustees become thenon-executive directors of the pension scheme, setting the highlevel investment strategy and risktolerance, the route plan to fullfunding and the range ofinvestments in which they arewilling to invest. The investmentconsultant could be seen as theindependent non-executive director,employed for their specialistknowledge, while the fiduciary

manager acts as the executiveresponsible for delivering theseobjectives within the mandate set(although the level of delegationgiven to the fiduciary manager canvary with decisions referred back tothe trustees as required).

Why do we need to definewhat fiduciary management is?

One of the major findings of ourresearch is that managers are usingthe term fiduciary management ortheir equivalent (delegatedconsulting, implemented consulting,solvency management etc) to grouptogether a huge array of differentmandates with widely differinglevels of delegation.

The managers are undoubtedlyseeing increased interest fromtrustees for a more holistic solutionto managing a pension scheme’sassets but in their desire to showthey have clients in this area theyare stretching the point as to whatfiduciary management is.

There are advantages to approachingthe management of a pensionscheme’s assets in a holistic manner:

1. Investment risk is measuredagainst the scheme’s requiredoutcome, which is the liabilities notsome subjectively selectedbenchmark.

2. Most research has shown thattrustees are not particularly good attiming the hiring and firing of assetmanagers so why not delegate thisdecision to someone with greater resource in this area?

3. Asset markets are likely to remainhighly influenced by political andcentral bank intervention and, assuch, tactical asset allocation shouldbe a source of added value goingforward.

4. By delegating the day to daymanagement of all the scheme’s

assets, trustees can concentrate onthe strategic decisions andrelationship with the sponsor.

However, for a manager to offer afull fiduciary management service,they need to be competent and ableto manage a wide array of assetclasses. This means that they tend to be part of larger companies and,as such, have to deal with conflictsof interest.

In addition, the range of solutionsbeing offered varies widely betweenthe managers and there are verydifferent offerings depending on thesize of assets under management.

We feel that the complexity andvariety of service offerings, all beingpresented as a form of fiduciarymanagement, are making theselection and appointment of such amanager very difficult for manytrustees. In some cases it may evenstop them from considering suchan approach.

In our research report we set out 25 questions for trustees to ask a

prospective fiduciary manager inorder to gain a better understandingof the service being offered and tobring to light some of the issuestrustees should consider beforemaking an appointment.

These questions are backed up bycomment and explanation, andcover:

• Solution design • Setting the strategic benchmark• Deciding on the mix betweenliability matching assets andreturn seeking assets

• Conflicts of interest• Selection of underlying asset managers

• Fees and costs

As independent advisers we are inan ideal position to assist trustees innavigating the complex issues raisedby fiduciary management and toprovide clear and unbiased adviceduring the selection process and on-going monitoring of such a manager.

For further information please contact Alex Noble on +44 20 7079 1000or at alex.noble@allenbridgeepic.com

The current market environment

June 2013

An exclusive report by AllenbridgeEpic Investment Advisers

Strictly Confidential © AllenbridgeEpic Investment Advisers Limited 2013

This document is issued by AllenbridgeEpic Investment Advisers Limited, an appointed representative

of Exception Capital LLP which is Authorised and Regulated by the Financial Conduct Authority.

AllenbridgeEpic Investment Advisers Limited is a subsidiary of Allenbridge Investment Solutions LLP.

This is not a financial promotion in respect of any of the products or services mentioned herein.

Nothing contained in this document constitutes investment advice nor should it be relied on as such.

Fiduciary Managers

Fiduciary ManagersThe current market environment

Copies of the report are now on sale to pension funds at an introductory rate of £495,reimbursed if the clientsubsequently appointsAllenbridgeEpic forindependent advice.

Report nowavailable

3For more information about AllenbridgeEpic Investment Advisers visit www.allenbridgeIS.com/advice/introduction

Spring 2013 Summer 2013

John has over 30 years’ experiencein UK institutional investment and iscurrently independent investment adviser to four local authoritypension funds with combined assetsin excess of £8 billion.

He spent most of his career withwhat was originally Phillips & Drewand is now UBS Global Asset Management. John started as a UKequity portfolio manager and analystwithin the firm’s Charities division.After leaving for a few years to runcharity investment teams at Lazard

and then Flemings, he returned to Phillips & Drew in 1994 as a UK Equity Portfolio Manager for UK pension funds.

In 2000 the firm created a single investment platform as UBS GlobalAsset Management. In 2005 Johnwas made UK Chief InvestmentOfficer. He combined this role initiallywith being Head of the UKMulti-Asset Team and subsequentlywith being Head of UK InstitutionalBusiness and then Head of UKInstitutional Advisory Solutions.

On retiring from UBS in March 2010,John was appointed IndependentInvestment Adviser to the DevonCounty Council Pension Fund, a rolehe retains today. He subsequentlyspent two years as a Partner in theInvestment Consulting division atAon Hewitt advising large public andprivate sector pension funds on allaspects of their investment arrangements.

John left Aon Hewitt in January 2013 to take on a wider range of independent adviser roles.

Steve has over 30 years’ investmentexperience and holds a portfolio ofadvisory, non-executive director andtrustee positions. His last full-timerole was as Chief Investment Officerand CEO of Manulife AssetManagement from 2004-2012,responsible for £4 billion of assetsunder management and advice in avariety of asset allocation andequity strategies.

Previously, he held the position ofHead of Global Equities at AXA Investment Managers, Head of US

Equities at AXA IM and Sun LifeInvestment Management. He startedhis career as an analyst and portfoliomanager at Tyndall Investment Services.

Steve has chaired the Trustees of theManufacturers Life UK Pension Plansince 2004. He is also Non-ExecutiveDirector of Manulife Asset Manage-ment and a Public Member of Net-work Rail.

During his career, Steve has manageda wide range of DB and DC pension

funds and, for the last 10 years, hasspecialised in strategic and tacticalasset allocation strategies.

Steve is a Chartered Fellow of theChartered Institute for Securities andInvestment.

John Harrison Senior Adviser

Steve Tyson Senior Adviser

Mark has been responsible forTreasury and Group risk managementwithin large financial institutions. This involved the hedging of incomeand market value risks from assetsand liabilities, the management ofinvestments in credit securities andprivate equity, and the managementof funding and cash flows. Markholds a wide knowledge of financialand derivative instruments and related transactions.

As Head of Market Risk with Nationwide Building Society,

responsibilities included overseeingrisks arising from the NationwidePension Fund, on which he iscurrently Trustee Director. Mark hasfound his experience of riskmanagement practices and financialproducts to be relevant to theinvestment strategies and LiabilityDriven Investment (LDI)considerations for pension schemes.

With experience on subsidiary boardsand governance committees forinvestment, finance and operationalrisks, Mark has a good understanding

for the accommodation of interestsfrom various stakeholders. Previously,Mark served as Manager, FinancialPlanning with SG Warburg Group plc,as Corporate Executive with Tullett &Tokyo Financial Services Ltd, and asAssistant Manager with Peat Marwick Mitchell & Co.

Mark graduated in Philosophy, Politicsand Economics from Keble College,Oxford, is qualified as a Chartered Accountant and Corporate Treasurer,and holds the PMI Award in PensionTrusteeship.

Mark Willis Senior Adviser

AllenbridgeEpic provides independent investment advice to corporate pensionschemes, local government pension schemes and charitable organisations.

We provide independent investment experts, all of whom have held senior positions in the investment industry, to advise local government (LGPS) andcorporate pension schemes, charity trustees, investment committees, pensionmanagers and sponsors on investment-related issues.

Current mandates from large local authority pension funds and leading FTSEindex constituents have built assets under advisement to over £42 billion.

Clients include Dorset, Derbyshire, Durham and Worcestershire County Councils,Islington, Hounslow, Camden, Bromley and Merton Borough Councils, HaysGroup, Fullers and DS Smith. Our high calibre senior advisers provide pro-activeassistance on all investment matters including:

Developing and reviewing investment policyInforming discussion and assisting with technical concepts such asnew asset classes or strategiesInput into asset allocation decisionsConstructive monitoring, review and selection of investment managersAssisting trustees with independent oversight of a fiduciary manageror implemented consulting providerImproving trustee governance and conduct of best practice, including Myners Principles and policies on responsible investingReviewing and monitoring the scheme’s Statement of InvestmentPrinciples (SIP)Providing general or tailored trustee training courses

Mark Willis Senior Adviser

Welcome to Our New Team Members

AllenbridgeEpic’s Investment Services••••••••

4For more information about AllenbridgeEpic Investment Advisers visit www.allenbridgeIS.com/advice/introduction

Spring 2013

Index funds, which track traditionalmarket cap-weighted (MCW) indicessuch as the FTSE All Share Index, giveinvestors exposure to a broad ‘market’such as the UK stock market. Thereturn from investing in such a fund isknown as ’beta’. Alternatively ‘alpha’,in an equity market context, isgenerally taken to be the added value(when it’s positive) over and abovethe return to such a traditional MCWindex, generated throughdiscretionary stock selection.

Now, as we know, alpha is verydifficult to generate consistently. It iswell known that the average activeequity manager carrying out stockselection underperforms their bench-mark MCW index after taking into account fees and transaction costs.

But perhaps more surprisingly,because MCW indices are ‘inefficient’ in risk-adjusted return terms, a largenumber of alternatively weighted indices have produced better risk-adjusted returns over the longer termthan their MCW counterparts. An alternatively weighted index (commonly referred to as a smart betaindex) is a re-weighted version of anMCW index, with individual stockweightings being based on a set ofdesired stock characteristics ratherthan on market capitalisation. Theweighting schemes are rules-based,with the rules set out in a transparentand easily replicable way - so no discretionary stock picking is involved.Over time, even an index constructedusing a very simple rule, such asequal weighting of stocks, has out-performed an equivalent MCW indexconstructed from the same stocks.

The problem with traditional MCW indices is that, because the stockweights in them are driven by price,they become a larger component ofan MCW index as stock prices rise,

leading to excessive volatility andconcentration. During ‘bubble’periods, indices’ weightings in individual stocks, sectors andcountries can become distorted. Forexample, back in 1989, Japan’s stockmarket comprised nearly half of aglobal equity MCW index. Now itforms less than 10% of the FTSEAll-World Index. Technology andfinancial stocks also had significantweightings at the peak of theirbubbles, in 2000 and 2008respectively. In each case a passiveportfolio would, at that time, havehad significant exposure to theseovervalued assets.

Smart beta indices - and the indexfunds or exchange traded funds(ETFs) that track them - havetransparent rules-based constructionmethodologies that deviate fromMCW indices in a systematic way.By diversifying more effectively, smartbeta indices provide better riskadjusted returns over the longer termthan MCW indices. This can beachieved by, for example, reducingthe overall index variability viaselection of low volatility stocks or by systematically weighting towardswell-understood stock characteristicssuch as value and small size (whichhave generated ‘risk premia’ over thelong term relative to an MCW index).

These indices outperform as a resultof beta rather than alpha because thestock selection and weightings resultin systematic deviations from marketcapitalisation weights - accessing riskpremia other than just the equity risk

premium - and they are smartbecause they provide a more efficientrisk return trade-off than MCW indices.

So is investing in smart betafunds an active or passivestrategy, and where do theyfit into an institutional portfolio?

Their use is unlikely to bring aboutthe replacement of well-establishedMCW indices as benchmarks anytime soon. Hence these funds shouldbe viewed as complementary topassively managed MCW funds and,as such, an active strategy, sinceperformance is likely to be comparedwith MCW benchmarks. Howevergiven their construction methodology,they are more passive as regardsboth implementation (being rules-based and transparent) and fees.

In addition, if smart betafunds provide consistent out-performance over the longerterm relative to MCW indices,is there still a role for activelymanaged equity portfoliosbased on stock selection?Given the very difficult task of tryingto identify ex ante a skilled stockselection manager for the longerterm, the poor average performanceof managers ex post and the cost ofactive equity management, smartbeta funds can be considered as areplacement for actively managedequity funds in a pension scheme’sgrowth portfolio.

Whilst these smart beta strategieshave outperformed MCW indices over

the longer term, there can besignificant periods when they under-perform. So given that comparison ofperformance is likely to be againstMCW benchmarks, investors need to be aware of the potential performance deviations from therelevant MCW index. For example,value-biased smart beta indices underperformed MCW indices in the‘tech boom’ years (but subsequentlyoutperformed significantly when thetech boom went bust). However,given that there are quite a numberof smart beta strategies that rely ondifferent characteristics or riskreduction techniques for theiroutperformance and that are nothighly correlated, combining anumber of these strategies is a wayof diversifying the risk that any onewill underperform an MCW benchmark.

Conclusion

In the past few years there has beenan explosion in the number of smartbeta offerings, with numerous pooledfunds, ETFs and underlying indiceshaving been launched. Aside fromconsiderations such as portfolio construction methodology, issuessuch as turnover, trading costs andfees need careful examination.

Choosing a smart beta fund managershould be given as much attention aschoosing an active equity manager.The reward, in terms of consistentperformance after fees, may well be greater.

By Neil MorganSenior Adviser

Summer 2013

Smart Beta,Dumb Index?

5For more information about AllenbridgeEpic Investment Advisers visit www.allenbridgeIS.com/advice/introduction

Spring 2013

One of the things I learnt in my 30-oddyear career in asset management isto always be wary of strongconsensus. “If I am thinking the sameas everybody else, isn’t that alreadyin the price?” can be particularlydangerous when combined with verystrong sustained inflows.

This observation has led me to acontrarian streak that I believe hasstood me in good stead in managingand advising asset allocation. It hasalso led me to have an active interestin behavioural finance’s influence ofcapital markets. Some of the bestinvestments arise from out-of-fashionideas and the worst arisefrom consensus.

Today these lessons are as relevant topension funds selecting investmentsand managers as they were to my career picking securities and assets.Specifically, I have in mind that - untilrecently - we have had two powerfulthemes in markets lasting a very longtime and this recent quarter’s volatility seems to encapsulate someof the risks to portfolios at what isvery likely a turning point - the futurewill not be like the past!

The two tidal forces that I refer toare emerging markets and low interest rates.

Emerging marketsFirst let me deal with emerging

markets (EMs), where recent declineshave come as a shock to many investors, managers and pensionfunds. Although topical commentarymay focus around the riots in Brazilor the China slowdown and creditcrunch, my long term fundamentalconcern is that emerging economicoutperformance does not alwaystranslate into market outperformance.There have been academic studies tothis effect, yet it has still become received wisdom that EM assets will outperform.

A couple of years ago, at the heightof the EM bubble, pension funds were

inundated with presentations thatstarted with this assumption. To methis assumption - or should I say presumption - was somewhat remi-niscent of aspects of the tech bubblein 2000 where, although technologycontinued to deliver outstandingprogress in the following years, theinvestments were overvalued.

I am not suggesting we are about tostart a crippling bear market in EMassets. But I do think that there hasbeen a very helpful wind from EM in the sails of portfolios andperformance in recent years, and thatmay now be absent for a while.

If I am right then this is going to expose some risk of underperfor-mance in pension funds that is notproperly understood. My suspicion isthat the ‘EM bet’ is far more deeplyembedded in pension funds thanmost trustees realise. EM as ‘the placeto be’ has become such a prevailingconsensus that trustees (intentionallyor unintentionally) select managerswith EM biases, the fund managersselect securities with EM biases andso the whole thing builds up.

This is true for both debt and equityportfolios. It is hard to get one’s armsaround the total risk from EM but my

expectation is that we will start tosee wider dispersion of performanceoutcomes. The performance differences will become large enoughto cause trustees and pension fundcommittees to begin asking penetrating questions of fundmanagers about their biases. This canonly be a good thing.

Interest ratesMy concern brings me onto the othertheme of low interest rates... EM isfalling out of consensual favour atthe same time as the end of the 30year bull market in bonds. We’ve hadplenty of market discussion recently

about the end of quantitative easing,the Fed’s exit policy from asset purchases and so-called ‘tapering’. Yields on long-term bonds rosequickly from their all-time low levels,causing sudden sharp reversals in allfixed income securities (and, ofcourse, in equities too).

I am quite certain that as interestrates begin a process of normalisingthis will expose some sharp under-performance. It is one thing to manage money in a bull market; it is quite a different and more challenging thing to manage it in abear market. A bull market is like having a home advantage in a foot-ball match. If fixed income managersare now ‘playing away from home’every match, I think it is going to bemore difficult to produce absolute returns and perform relative to benchmarks.

The second element of my concernabout fixed income goes beyond theproficiency with which managers willperform in a bear market. Indeed it isthat the proliferation of absolutereturn solutions may have obscuredsome of the underlying risks.

We know, for instance, that withinthe absolute return and diversifiedgrowth fund universe there is a greatrange of approaches. It will be reallyinteresting to look at current absoluteand diversified growth fundperformance results. They may beginto expose what is really happeningwithin those portfolios and to whatextent solutions and managers werebenefitting from some thematic tailwinds or consensus carry-tradesthat could simply turn out to be over.

ConclusionUltimately incoming performancedata should be scrutinised closely forintentional and unintentional portfolio biases to these two historictailwinds of emerging markets andinterest rates. This should result inasking the right questions about trueexposures to these themes and thatcan only be beneficial in the long run.

Steve Tyson Senior Adviser

Summer 2013

SOUTHAFRICA

Correlations Between Stock Indices and GDP Movements (1993-2010)

BRAZIL CHINA MEXICO KOREAJAPANUKUS

0.6

0.5

0.4

0.3

0.2

0.1

0.0

-0.1

-0.2

-0.3

Ask the Right Questionsand Don’t Rely onYesterday’s Themes

Source: Gerstein Fisher

The views expressed in this articleare those of the author and donot necessarily represent those ofAllenbridgeEpic Investment Advisers.

This document is directed only at professional investors and is issued by AllenbridgeEpic Investment Advisers Limited, an appointed representative of Exception Capital LLP which is Authorised and Regulated by the Financial Conduct Authority. Information about securities contained in this report is provided for information purposes only. Nothing contained herein should be construed as arecommendation or solicitation to buy or sell any security. Please remember past performance is not necessarily a guide to future returns.

6For more information about AllenbridgeEpic Investment Advisers visit www.allenbridgeIS.com/advice/introduction

Contact: London Office 26th Floor, 125 Old Broad Street, London EC2N 1AR T: +44 20 7079 1000 E: info@allenbridgeepic.comGlasgow Office PO Box 26524 Glasgow G74 9ES Lancaster Office PO Box 785 Lancaster LA1 9DB T: +44 15 2438 9326

Summer 2013

In each issue of Perspectives

we give a list of ten questions

trustees should explore with

their investment managers.

Here is our updated list:

1.What do you recommend forour bond portfolio? How can weprotect against rising yields? How have higher interest rates andspreads changed your view onfuture returns from credit assets?

2. Profit share of GDP has risen tohistorically high levels. Companieshave enjoyed a windfall whilstgrowing output at the same timeas shrinking real wages. Anyreversion to the mean wouldinvolve a fall in profits. Is this aconcern or will the profit shareremain at this elevated level?

3. A recent survey shows thatmany active managers hold theirpersonal wealth in index trackers.What is your view and do youhave a significant part of yourpersonal wealth invested in yourown fund?

4. How are renewed problemsin Europe affecting your investment strategy?

5. Is China oversold? Why?

6. Please describe and justify yourabsolute return or diversifiedgrowth fund's performance in therecent market correction.

7. When is it time to buygold again?

8. In current market conditionsshould we consider appointinga fiduciary manager?

9. Is now a good time to considerresidential property investment?

10. Do you recommend infra-structure equity or infrastructuredebt? Why?

Our Current Team of Industry Experts

Senior Advisers

Sector Specialists

John Arthur Grant Ballantine Jonathan Barber Nick Broadhead

Malcolm Green Alastair Haddow John Harrison Philip Hebson

Stuart Hepburn John Heskett Bill Horwood John Jones

Tim McKay Conrad Montford Neil Morgan Ian Morley

Peter Murray Alexandra Noble Patricia O’Loughlin Keith Percy

Alan Saunders Peter Scales OBE Karen Shackleton David Somers

Alick Stevenson Steve Tyson Philip Williams Mark Willis

Philip Ingman Ray Maxwell James Walton

Gavin Foster Tim Gascoigne Joanne Job

Associates

Seamus Gillen Sophie O’Connor

AllenbridgeEpic Investment Advisers

AllenbridgeEpic Investment Panel

AllenbridgeIS Analytics Team

Anthony Yadgaroff - Chairman Odi Lahav - Chief Executive Officer

A resume for each Senior Adviser, Specialist and Associate is available on the AllenbridgeEpic website

AllenbridgeEpic’s Fiduciary Oversight Service

While fiduciary managementcan provide you with a ‘one stop’solution to a number of issues,it also brings unique challenges...

As a genuinely independent pension fund advisorygroup with no fiduciary offering of our own,AllenbridgeEpic is in a unique position to offeryou an expert fiduciary oversight service. By acting as an essential bridge between you andyour delegated manager, we can give you greaterconfidence when implementing strategic decisions and help you monitor the outcomes more effectively - find out more today.

Our core service includes:

A named independent adviser - backed by our broaderteam of experts - to help you manage the delegated relationship and oversee its effectiveness in practice

Independent assessment of the advice you receive when setting your risk budget

Help setting suitable fee scales, objectives and parameters for your fiduciary manager, so you can be sure you’re measuring performance accurately

Ongoing evaluation of the appointed manager;including our named adviser attending meetings

Independent oversight of the de-risking processand factors which may affect the flight-path of your pension scheme

Attendance at quarterly trustee meetings.

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