Legal & General Investment Management (LGIM) has been appointed by PiRho Investment Consulting to act as one of three managers selected to implement its new fiduciary management service. LGIM was selected from a long list of ten managers interviewed over a twelve-month period.
PiRho is an independent investment consultancy, created in 2008. Its new fiduciary management service is designed to give small- to medium-sized pension funds access to three pre-screened managers.
Under the new fiduciary management service, LGIM and the other two selected managers will be responsible for implementing the investment strategy, while PiRho will continue in its role as independent investment consultant, advising on investment objectives, hedging and de-risking triggers.
Aaron Meder, head of LGIM’s Solutions Group, commented: “We are delighted to have been selected by PiRho as a manager under their fiduciary management platform. We look forward to working with their small- to medium-sized clients, helping them to match their liabilities and de-risk towards an end game of either self-sufficiency or buy-out. By combining independent advice with fully delegated risk management under an integrated asset-liability risk management framework, we believe that our mutual clients will experience improved funding level outcomes, reduced conflicts of interest and save money.”