Case Study: Boutique Asset Manager
Helping a new entrant to gain insight, manage risk and drive marketability for a new product. Background Boutique asset manager looking to launch a new alternatives investment product providing capital direct-to-consumer. Transformational business model intending to disrupt an established industry. Capital to be supplied by institutional investors, including UK pension funds in exchange for income and capital returns. Early engagement occured ahead of the launch of the
Is your DB run-on fit for purpose?
Many DB schemes are creating a surplus management problem for themselves Most don't know it yet. As run-on has become a viable option, the industry has responded. Frameworks have been launched. Documents have been produced. Meetings have been held. But look closely at most of them, and you'll find the same thing: A rebadged Journey Plan. The Journey Plan is a powerful tool. But it was built for a different problem - growing a scheme to a strong financial position. Repackagi
DB surplus advice risks destroying 37% of value
Here is how. When a business evaluates any capital project, the rule is simple: discount future cashflows at the company's cost of capital. If the return falls short of that hurdle, the project destroys value - even if it generates cash in absolute terms. That logic is applied rigorously to every factory, every acquisition, every piece of capital equipment a business deploys. It is almost never applied to the pension surplus. Right now, schemes are sitting on substantial sur
