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Schroders is first fund firm to sign for stakeholder

Schroders has become the first major fund manager to register as a stakeholder pension provider.

Schroders Pensions registered with the Occupational Pensions Regulatory Auth ority earlier this week, and will go live with its first product when stakeholder laun ches in April.

The fund manager&#39s expansion into stakeholder follows its acquisition of Liberty International Pensions for £60m last May.

It says it will be marketing its scheme as part of its package of defined-contribution services and will target medium-sized to bigger firms.

Schroders Pensions director of business development Robert Noach says: “We have a very large client base with existing defined-benefit arr angements, and many of these companies have employees which are not eligible for defined benefits. We see this as a valuable addition for our existing client base.”

Bates Investment senior analyst James Dalby says: “I do not see all the fund managers throwing their hats into the stakeholder ring because of the cap on costs. But I do not think Schroders will be the only one.”

Schroders also began a restructure of its fund management operations last week, as it merged its European and UK businesses.

The move means that the current managing director of Schroder Unit Trusts, Peter Wolton, will be leaving the group this summer.

Head of European unit trust operations Massimo Tosato will take over as head of the new global mutual fund business. Current head of IT and operations Hugh Mullan will take responsibility for the UK operations but will report to Tosato.

The changes are being followed by a £4m advertising campaign, running under the new slogan, “Shrewd, Shr ewder, Schroders”.


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