The trustees of the IPC Media Pension Scheme have put Blackrock in charge of around £600m of the retirement fund’s assets.
The firm was hired as a fiduciary manager in April to advise on asset allocation and design the journey management framework. Training and appointing a management team are also in its remit.
Appointing a fiduciary manager was a big step, trustee chair Susan Andrews said. However, the trustees and sponsor felt it was time to change how the scheme’s investments are managed.
Blackrock was appointed following a beauty parade and was picked due to its investment capabilities, risk focus and operational robustness, Andrews added.
Blackrock head of UK strategic clients Andy Tunningley said the trustees of the IPC scheme wanted the portfolio adjusted at a time of low returns as well as heightened regulation and operational risk.
“IPC Media Pension Trustee considers fiduciary management to be a logical step at this juncture in the best interests of the members and their investment governance and trusts Blackrock to be a robust, reliable partner capable of performing this service,” he added.
The IPC Media Pension Scheme is the retirement plan of magazine and digital publisher Time Inc UK.
