Van Lanschot Kempen announces fiduciary mandate win for AA Pension Scheme

26 Mar 2024 10:00 CET

The Trustee of the AA Pension Scheme has appointed Van Lanschot Kempen Investment Management UK Ltd as its fiduciary manager. This decision followed a detailed process that spanned the fiduciary management market. The mandate contributes £800 million to Van Lanschot Kempen’s total client assets under management.

The AA Pension Scheme is the long-standing defined benefit arrangement operated by the AA for its workforce, with total scheme assets of over £1.4 billion and some 24,000 members. 

This mandate win builds on Van Lanschot Kempen’s focus on fiduciary management and its ability to provide a fully bespoke and innovative service for clients focused entirely on their specific circumstances.

Steve Delo, PAN Trustees, Independent Chair of Trustees for the AA Pension Scheme: “We appointed Van Lanschot Kempen as our fiduciary manager after an extensive selection exercise over an extended period. We were impressed with the partnership model Van Lanschot Kempen operates and the collaborative nature of their lead team members. We had confidence that they can work productively with our investment committee to achieve the returns required from our growth portfolio and dovetail effectively with the scheme’s LDI programme. They are also performing an important governance and management role with our portfolio of illiquid assets.” 

Jay Stewart, Chair of the Investment Committee of the AA Pension Scheme said: “The Van Lanschot Kempen team bring considerable intellectual power to their portfolio decision-making and are strong communicators of their investment ideas. We expect them to play a key role in the investment governance model we operate and enable trustee energies to be focused on top level, strategic matters.”

Vicky Casebourne, Head of Institutional Relations UK at Van Lanschot Kempen: “We are delighted that the AA’s Pension Scheme has appointed Van Lanschot Kempen as its fiduciary manager. The selection exercise was rigorous and focused on finding an investment partner to ensure a bespoke investment solution tailored to the trustee board needs. Ensuring the best possible member outcomes were central to this selection, and in an ever-evolving pensions industry, innovation and specialism in this area were key criteria to ensure this. Customer service is very important to us, as evidenced by the very high NPS rating we have received from our clients. We have greatly enjoyed working with all the trustees and advisers to the scheme over the last few years and are looking forward to the future of this successful partnership.”