Plans expect busy bidding spell for U.K. fiduciary management.

U.K. pension plan trustees seeking to delegate investment decisions face new rules starting Dec. 10 that will require them to carry out competitive tendering before selecting a fiduciary manager to invest 20% or more of the plan's assets. Steve Balmont, a London-based professional independent pension trustee at independent pension trustee firm BESTrustees Ltd., said: "Carrying out a competitive tender is not cost free". "Most of the appointments are quite "sticky" - it will take a lot to unseat an incumbent", said Vassos Vassou, a London-based professional trustee at independent trustee firm Dalriada Trustees Ltd. [Extracted from the article]