Barnett Waddingham appointed to provide fiduciary monitoring mandate for MNRPF

Barnett Waddingham is thrilled to have been appointed to provide fiduciary monitoring services to the trustees of the £700m Merchant Navy Ratings Pension Fund.

The appointment will see David Clare, Partner and member of our Investment Consulting team join as one of a three-man oversight committee which also includes Chris Wagstaff, independent chair of the MNRPF investment committee and Bob Hymas, chief financial officer to the Merchant Navy's Pensions Fund. The committee will provide quarterly independent oversight over the Merchant Navy Ratings Pension Fund’s fiduciary manager together with an annual deep dive review.

David said that independent oversight provides trustees with the ability to 'read between the lines' of their strategy, and explained that knowing the type of questions he wouldn't want to be asked if he were a fiduciary manager gave him the ability to avoid a box-ticking exercise and provide real help to the trustees.

He went on to say: 'Clients who choose to go down the fiduciary management route may find that conflicts of interest can arise, which is where our fiduciary monitoring services can be useful. I am excited to work with the experienced trustees’ of the Merchant Navy Ratings Pension Fund and am delighted that they have appointed Barnett Waddingham.'