Commenting on the BA Pensions deal, Keira-Marie Ramnath, pensions asset management outsourcing lead at PwC, said:
“We’re delighted to have worked with the British Airways Pensions Executive, the trustees of the two BA schemes, and their other advisers to outsource their investment management and put the schemes on a firm footing for the future.
“The new structure retains some of the best features of an ‘in-house manager’, such as a dedicated strategic client team at BlackRock who will focus solely on the BA schemes, and combines these with the efficiency and scale of a large ‘outsourced manager’ that an entity like BlackRock brings.
“We are seeing a trend among larger pension schemes that want to retain control of investment strategy and asset allocation while benefiting from the operational efficiencies of a single manager.
“The UK outsourced chief investment officer market has doubled in size in the last four years and it now commands assets of more than £200bn. But there are £1.8trn defined benefit pension assets in the UK, and, given the benefits that can be achieved, we’re expecting to see the market continue to grow substantially.”
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