Metroline appoints fiduciary manager to defined benefit pensions

Metroline has appointed SEI as fiduciary manager to its defined benefit (DB) pension schemes.

The fiduciary management and investment services provider will manage the Metroline London Northern Pension Scheme and the Metroline Pension Scheme, which have a total of £51.6 million in assets.

Metroline made the appointment so that its trustees could focus on strategic issues, rather than asset management.

John Brace, trustee of the Metroline London Northern and Metroline Pension Schemes, said: “We decided to appoint SEI because we were keen to find an [option] that would improve our scheme governance and allow us to more actively manage our funding level to reduce volatility and close any funding gaps.”

Patrick Disney, managing director of SEI’s institutional group in the Europe, Middle East and Africa region (EMEA), said: “Fiduciary management continues to grow in popularity in the UK. It is clear that trustee bodies in the UK are starting to recognise the need for a specialist approach to managing funding levels effectively.”