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Title: Governance duties of agents in outsourced funds management of UK pensions
Author: Shevchenko, Kira
ISNI:       0000 0004 6350 7917
Awarding Body: Canterbury Christ Church University
Current Institution: Canterbury Christ Church University
Date of Award: 2016
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The aim of the thesis is to investigate whether the corporate governance of professional pension fund managers supports outsourced funds management for the UK pensions industry; significant as the largest client of the UK financial services industry with over £2 trillion in assets under management (Godfrey, 2014). The study examines fund manager corporate governance from the perspective of agency theory. The thesis proposes that pension fund managers, some of the largest corporate entities globally, exhibit the same corporate governance induced behaviour as corporate entities in the real economy. Where governed in fiduciary for shareholder wealth maximisation, this may conflict with the agency duty of best interests to a pension client. The post-positivist methodology examined two aspects of pension asset management: 1) relationships between the size of pension assets per member and the corporate governance characteristics of the fund manager appointed; and 2) the perceptions of whether this governance concerns pension trustees, including the perception of whether a fiduciary duty was owed to the client, under the trajectory of regulatory and case law reviewing pension trusts' fiduciary relationship with fund managers. These analyses found a statistically significant relationship between the corporate entity of the fund manager and the size of the assets of the pension scheme assets they manage. It also revealed a convoluted and contradictory expression of the fiduciary duties owed to pension clients by pension trustees, law courts, and regulators. With the Financial Conduct Authority's imminent review of the asset management industry, the study contributes a comprehensive assessment of this potentially fiduciary agency relationship, being both timely and relevant to the financial industry reform agenda in academia, policy and regulation.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available
Keywords: H Social Sciences ; HG Finance