The QinetiQ Pension Scheme has appointed Insight Investment as fiduciary manager, following a competitive tender process run by the scheme’s professional corporate sole trustee, Dalriada Trustees, in conjunction with the sponsor, QinetiQ Group.

Insight will manage approximately £1.3bn of scheme assets under the new mandate.

The manager currently oversees £631.9bn in assets globally.

Under the agreed governance structure, the trustee will retain oversight, with Insight responsible for advising on all aspects of investment strategy, and for day-to-day management and oversight of the scheme’s assets.

The trustee has set long-term investment objectives within defined risk parameters, with Insight tasked with supporting funding-level stability, efficient implementation, oversight of third-party managers, and transparent reporting.

Insight CEO, Raman Srivastava, said the appointment marked a significant step in the growth of the firm’s outsourced solutions offering.

“Insight has a long history of providing bespoke solutions to defined benefit pension schemes," Srivastava continued.

"This appointment marks a significant milestone in the extension of our outsourced solutions.

"We offer a complete governance solution, acting as either OCIO or fiduciary manager, and our approach is built on a tried and tested investment philosophy.”

Insight Client Solutions Group head, Serkan Bektas, added: “We are very pleased to support the QinetiQ Pension Scheme with this fiduciary management solution and are grateful for the Trustee’s confidence in Insight’s capabilities.

"Our aim is to support robust governance and timely decision-making that places the focus on the scheme’s journey.

"The framework we built together allows the trustee to concentrate on setting their strategic objectives and monitoring progress while we focus on reliable delivery of their targeted investment outcome.”

Meanwhile, QinetiQ chief financial officer, Martin Cooper, noted that the move was part of a broader governance evolution of the sponsor’s defined benefit arrangements.

“Moving to a fiduciary management model is another step forward in enhancing the governance of the Company’s defined benefit pension scheme," he said.

"Insight performed strongly in a highly competitive tender process, and with the Insight team now onboarded, we look forward to a successful partnership in driving the best long-term outcomes for the scheme and its members.”

Dalriada professional trustee, David Fogarty, added that the proposition aligned closely with the scheme’s existing strategy.

"As a trustee, we were very impressed with the team and the proposed solution," he said.

"We look forward to working with them and the sponsor to safely and securely deliver the benefit promises to the QinetiQ Pension Scheme members.”

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