The Merchant Navy Ratings Pension Fund (MNRPF) has appointed Schroders Solutions as its new fiduciary manager, following an open and competitive tender process.

Schroders Solutions replaces WTW as the fund’s fiduciary manager, a position held by the company since 2014.

In its role as fiduciary manager, Schroders Solutions will be responsible for assisting the trustee in evolving and implementing the fund’s investment strategy.

This will include access to Schroders Solutions’ services, including liability-driven investment (LDI), buy and maintain credit, and structured equity, as well as absorbing and aligning the fund’s existing private markets portfolio.

Furthermore, as fiduciary and asset manager, it will provide an investment platform aligned with the trustee’s socially responsible investing (SRI) goals and support ongoing governance needs through its digital reporting suite.

Barnett Waddingham assisted the deal with its independent selection and appointment process.

Commenting on the appointment, MNRPF chair of the trustee, Doug Ross, said the selection process had shown the trustee there were “high quality” alternatives “on par” with their current provider, adding that while it was a “very tough” decision to leave WTW due to the broader relationship with the fund and the “excellent” service provided, the decision was unanimous.

“We are pleased to have appointed Schroders Solutions to become one of our trusted advisors and provide fiduciary management services to the fund, ultimately helping us to deliver member benefits. We look forward to getting started,” he continued.

Adding to this, Schroders head of UK client solutions, Ajeet Manjrekar, said: “Today’s announcement is further testament to the strength of our offering and focus on working closely with trustees to understand their needs and help them navigate their complex investment challenges.

“We are grateful for the trust placed in us and look forward to working closely with the trustee to help them meet their investment objectives.”

Barnett Waddingham partner, Peter Daniels, added: “We were glad to have helped the trustee find the right partner for them through our independent selection and appointment process.

“With Schroders Solutions in place to take on investment responsibilities, the trustee has added security and capacity to focus on its strategic priorities.”

---