A Tale of Two Tenders

The Competition and Markets Authority (CMA) review into the UK fiduciary management market changed the landscape for many trustees. The findings highlighted several major issues regarding the appointment of fiduciary managers, including a lack of competition during tender processes and an incumbency advantage. At GSAM, we are pleased that the CMA was able to acknowledge and implement new rules to increase transparency and competition via a mandatory and retrospective tendering process. We believe this process is particularly important today as the need for good governance and nimble portfolio...