Investment - Articles - BlackRock secures CAAPS fiduciary management deal

BlackRock has been appointed as the fiduciary manager for the Civil Aviation Authority Pension Scheme (CAAPS), managing the £4bn growth portfolios. The scheme consists of both the CAA and NATS (formerly known as the National Air Traffic Services) Sections.

 After a competitive tender process, facilitated by IC Select, CAAPS selected BlackRock to plan and execute both Sections’ asset allocation and manager selection decisions across all asset classes. The CAAPS Trustees will also be provided with training, guidance and transition management services.
 BlackRock responded to CAAPS’ requirements for a bespoke approach and were selected due to the consistent focus on partnership, risk management, and a differentiated approach to asset allocation. BlackRock will build a custom portfolio according to each Sections’ needs while aiming to build in greater portfolio resilience, which may provide less volatile results in increasingly uncertain times.

 Additionally, the use of Aladdin®, BlackRock’s market leading risk platform, will play a central role helping to understand the risk and return characteristics driving funding levels. Through the thorough analysis and management of risks that Aladdin® provides, BlackRock will aim to build the Sections’ portfolios with more stable returns, with the goal of helping CAAPS members receive their pension benefits.

 Joanna Matthews, Independent Chair of the Civil Aviation Authority Pension Scheme (CAAPS) adds: “We conducted a thorough review of the fiduciary manager market with the assistance of an independent consultant, IC Select, and selected BlackRock as they were a good cultural fit and they clearly demonstrated the strength of their investment offering and the scale and depth of their resources. We look forward to working with BlackRock to achieve our long-term investment objectives.”
 Sion Cole, Head of UK Fiduciary Business at BlackRock comments: “Providing a whole portfolio approach when making asset allocation decisions allows us to create and deliver a truly tailored and innovative portfolio for CAAPS, helping them to secure the retirement benefits of their members.”
 Sarah Melvin, Head of UK at BlackRock adds: “A vast number of schemes are currently navigating an uncertain global environment, and more and more making the decision to outsource. Our problem-solving approach to fiduciary management has resonated very well with CAAPS and we are thrilled that they have chosen BlackRock as their partner to manage their growth portfolios. We are looking forward to helping both Sections to achieve their long-term investment goals.”

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