The £50m (€63m) Ashridge Pension Scheme has appointed P-Solve as its fiduciary manager.

P-Solve, which recently became part of the River and Mercantile Group, will be responsible for the scheme’s day-to-day investment decisions such a manager selection, tactical asset allocation, implementation and monitoring and reporting.

The company will also provide investment advice and set risk tolerances.

P-Solve came through an open tender, beating four rival providers to win the mandate.

Chairman of trustees for the scheme, Norman Braithwaite, said the decision to move to fiduciary management had been due to the increasing difficulties around governance.

“We are very pleased with our decision,” he said. “We liked the elegant simplicity with which P-Solve executes its work, and the fact their approach was easy to understand.”

In other news, one of the UK’s largest insurers, Legal & General (L&G), has reinsured around £1.3bn of longevity risk from its bulk annuity book.

The announcement will see US reinsurer Prudential Retirement Insurance and Annuity Company (PRIAC) take on the longevity risk from L&G’s large bulk annuity business.

The insurer wrote more than £3bn in bulk annuity business in the first six months of the year, taking its total business to around £24.6bn.

The re-insurance comes as the UK’s bulk annuity market is expected to break records in 2014, having seen £6.5bn of written business in the first half of 2014.

L&G told IPE it had yet to see a bulk-annuity mandate for which it was not interested in quoting, with the company aiming to expand its business to account for an expected reduction in the writing of individual annuities.

On the reinsurance announcement, Tom Ground, head of bulk annuities at L&G, said the deal would support the insurer’s growth in the market.

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