This edition features our new manager research process including how we have designed it differently to better meet clients’ needs and the 16 preferred lists completed to date. The business news section includes our latest thoughts on fiduciary management, an update on RedSTART and the announcement of partnerships with BNY Mellon and University of Bath. Also in this edition: - Industry feedback and recognition - Round-up of new joiners - Links to our latest thinking - Q&A with Robin Claessens

1. Y O U R Q U A R T E R L Y R O U N D - U P
page 08
Inside REDINGTON TO STAY
INDEPENDENT AND
CONFLICT FREE
NEW JOINERS:
MEET THE NEW FACES
AT REDINGTON
REDSTART, IRIS,
LATEST THINKING
AND MORE...
INTRODUCING OUR NEW
MANAGER RESEARCH
PROCESS
WHO IS ROBIN
CLAESSENS
AND WHAT
MAKES HIM
TICK?

2. Welcome to the most important developments related to Redington’s business, people and clients, as well as our latest thinking all in one place.
This edition features our new manager research process including how we have designed it differently to better meet clients’ needs and the 16 preferred lists completed to date. At a time when consultants’ fiduciary mandates are coming under greater scrutiny, we believe there are suitable alternatives which can deliver the same results without giving away the keys. The business news section includes our latest thoughts on fiduciary management, an update on RedSTART and the announcement of partnerships with BNY Mellon and University of Bath.
Last quarter brought with it a number of awards for both the firm and its employees. These are always a reflection of our clients’ successes. We are delighted to be able to share with you highlights from an independent client survey conducted by Greenwich Associates.
The firm has also been busy on the hiring front at both senior and junior levels, with each of our teams growing over the summer. Redington now has 64 employees, including 41 investment professionals with a combined total of over 300 years of investment consulting, actuarial, capital markets and asset management experience.
Also in this newsletter are details of our brand new website and details of our latest thinking. On the back page you will find a Q&A with one of our new hires, Robin Claessens. Robin is a Managing Director in the Investment Consulting team and was previously CEO and CIO of Invensys Pension Scheme.
I hope you enjoy the newsletter and welcome your feedback on the first edition of Redington Post; comments can be sent to communications@redington.co.uk.
With kind regards,
Gurjit Dehl
Dear Reader
DID YOU KNOW? The average pension pot at retirement is £36,800 (Source: Association of British Insurers)
£330
BillionCLIENTS’ ASSETSUNDER CONSULTING56 CLIENTS64 EMPLOYEES250013HOURS OF FINANCIALEDUCATION DELIVERED600YOUNG PEOPLEREACHEDSCHOOLS PARTICIPATINGTO DATE3CITIES HOSTINGREDSTART DAYS£330BillionCLIENTS’ ASSETSUNDER CONSULTING56 CLIENTS64 EMPLOYEES250013HOURS OF FINANCIALEDUCATION DELIVERED600YOUNG PEOPLEREACHEDSCHOOLS PARTICIPATINGTO DATE3CITIES HOSTINGREDSTART DAYS
RED START

3. FOR MORE INFORMATION,
PLEASE GET IN TOUCH:
General Enquiries &
Greenwich Associates’ survey:
Alice Cheung
alice.cheung@redington.co.uk
020 3326 7103Manager Research:
Pete Drewienkiewicz
MRT@redington.co.uk
020 7250 3331
iRIS:
Steven Yang Yu
steven.yangyu@redington.co.uk
020 3326 7118
TEACH-INS
Protect Your Assets:
Dan Mikulskis
dan.mikulskis@redington.co.uk
020 3326 7129
Infrastructure Debt:
Greg Fedorenko
greg.fedorenko@redington.co.uk
020 7250 3331
Balancing Risk,
Return & Contributions:
Karen Heaven
karen.heaven@redington.co.uk
020 3326 7134
CIO Report:
Philip Rose
CIO@redington.co.uk
020 7250 3331
RedSTART:
Freddie Ewer, Jonathan Letham redstart@redington.co.uk
020 7250 3331
Latest thinking:
Gurjit Dehl
gurjit.dehl@redington.co.uk
020 3326 7102Upcoming events:
Elena Del Pinoelena.delpino@redington.co.uk
020 7250 3331
DID YOU KNOW? Replicating the average British wage in retirement requires a pension pot of over £300,000 (Source: Which?)
INDIVIDUAL AWARDS AND NOMINATIONS:
CIO’s Knowledge Brokers – Top 25 Most
Influential Investment Consultants in the World
Chief Investment Officer (CIO) magazine has published its list of the individuals within the consulting industry who have made a positive impact for their clients. Sourced from interviews with pension and non-profit CIOs, asset managers, and former consultants, it represents their best approximation of the hierarchy of today’s institutional consultant industry. On the list for the third year in a row is Robert Gardner, Redington’s co-founder and co-CEO (#7). The Q+A write-up, including Rob’s most overused phrases, is available here
Financial News’ 40 Under 40 -
Rising Stars of Asset Management
Steven Yang Yu, co-head of ALM & Investment Strategy, is named in this year’s list – see the full list here. Steven joined Redington’s graduate programme in 2007 and it has been a pleasure to see him flourish in his career here – appearing in Financial News’ list is a great acknowledgement of the difference he has made, and continues to make, to clients.
Steven joins Dan Mikulskis (co-head of ALM & Investment Strategy) and Pete Drewienkiewicz (Head of Manager Research) who have been recognised on the list in the previous two years.
Actuarial Post’s Actuary of the Year Awards
Voting is now open for Actuarial Post’s awards. We are delighted that Redington’s co-heads of ALM & Investment Strategy have both been shortlisted – Dan Mikulskis for Investment Actuary of the Year and Steven Yang Yu as Pensions Actuary of the Year.
WE COULDN’T DO
IT WITHOUT YOU
“ Any award received by Redington is a reflection of our clients’ successes”
FIRM AWARDS:
Any award received by Redington is a reflection of clients success. Our success can only be achieved if our clients are achieving their goals.
Redington picked up “Consultant of the Year” at Financial News’ Asset Management Awards for the second year running. For the fourth year in a row, Redington won the category “Risk Management Firm of the Year” at European Pensions’ Awards. This follows three “Investment Consultancy of the Year” awards picked
up in May - Professional Pensions’ UK Pensions Awards, CIO’s European Innovation Awards and IP Real Estate’s Global Awards.
Steven Yang Yu
Dan Mikulskis

4. REMAINING INDEPENDENT AND CONFLICT-FREE
DID YOU KNOW? 54% of savers surveyed only have a vague idea of when they will retire, 23% have no idea (Source: Alliance Bernstein)
edSTART continues to expand its reach
and partnerships to help deliver financial
education to young people. The initiative
was born as we realised that young people
have very low levels of financial literacy,
which we see as an essential life skill especially given the
financial responsibility that is increasingly placed on the
shoulders of individuals.
RedSTART has partnered with a number of other firms
who have committed themselves to delivering financial
education using the RedSTART framework. So far
RedSTART days are being run by Axa IM, Axa Wealth,
BlackRock, Henderson Global Investors, Lombard Odier,
Aberdeen AM and Clyde & Co. To date the initiative has
reached over 600 young people from 13 different schools
in London, Edinburgh and Bristol, and has delivered 2,500
hours of financial education.
FOR FURTHER INFORMATION, PLEASE
VISIT HTTP://REDSTARTEDUCATE.ORG/
“It was a really inspirational day and
the students were motivated and
engaged all day. It was a day that I
wish I had received at that age as
I clearly remember thinking that the
world of money and finance was a
daunting prospect that no one took
the time to teach.”
Chris Connor,
Teacher at Helenswood Academy.
RedSTART plants the
seed for the financial
well-being of young
people everywhere
R
R
R
edington has teamed
up with the University
of Bath’s Centre for
Governance and
Regulation to share
knowledge and resources. The aim
is to use Redington’s experience and
expertise alongside the centre’s academic
researchers to produce more practitioner-based
papers. Projects on the radar
include the implications of central clearing,
quantifying and dealing with longevity
risk and evaluating the optimal allocation
for Defined Contribution investment
strategies.
Ania Zalewska, Professor of Finance
and Director of Centre for Governance
and Regulation, said: “I am delighted
Redington and the Centre for Governance
and Regulation, University of Bath, are
putting resources together to start this new
and exciting research programme.
The development of the pension industry
is fundamental for the wellbeing of
the society both from the social and
the development of financial markets’
perspective. Our research alliance creates
a great opportunity for combining multiyear
industry experience with research rigor
of leading academics in the field. Our
research objective is to undertake
insightful studies into current issues of the
DB and DC pension schemes.”
RESEARCH
PARTNERSHIP
WITH UNIVERSITY
OF BATH
A WORLD OF
POSSIBILITIES
Clients of BNY Mellon will now be able to benefit from Redington’s
comprehensive asset and liability risk reporting service.
By partnering on the delivery of iRIS, BNY Mellon’s pension
fund clients will be able to monitor both their funding position
on a regular basis as well as their level of risk exposure, helping
fiduciaries and scheme trustees understand how to meet their
current and future liabilities.
It also offers analysis of the sensitivity of the scheme’s funding
position that may be impacted by changes in the external economic
environment.
FOR FURTHER INFORMATION OR A DEMONSTRATION,
PLEASE CONTACT STEVEN.YANGYU@REDINGTON.CO.UK
edington is an independent and employee-owned
investment consultant to pension
funds and other long term savings
institutions. Our business is structurally
aligned with our clients’ long-term success;
Redington does not offer fiduciary or fund
management services. There are a number
of alternatives which we believe can deliver
the same results without giving away the
keys. Potentially, some of these alternatives
can provide the same benefits but at a
lower cost. Redington will continue to focus
on providing the highest quality, actionable
investment and risk management advice
to institutional investors to leave them in
control and confident of reaching their goals.
Our thoughts on fiduciary management and
its alternatives are laid out in this article for
Portfolio Institutional.
CLICK HERE TO SEE FULL STORY

5. DID YOU KNOW? One-third of babies born in 2013 in the UK are expected to celebrate their 100th birthday (Source: Ready for Ageing Alliance)
Each year Greenwich
Associates run an
independent and
anonymous survey to
gain clients’ feedback on
their consultants. This
survey is a great way to
understand the value
delivered for clients and
also highlights areas in
which improvements can
be made.
Redington clients rate
us most highly in the
following 4 areas relative
to other consultancies:
Communication of
our philosophy and
investment beliefs
Understanding our
clients’ goals and
objectives
Advice on long-term
asset allocation and
liability related issues
Usefulness of personal
meetings
IF YOU WOULD LIKE
TO PARTICIPATE IN NEXT
YEAR’S SURVEY, PLEASE
CONTACT ALICE.CHEUNG@
REDINGTON.CO.UK FOR
FURTHER DETAILS.
THE RESULTS
ARE NOW IN
[1] Robin Claessens joins the investment consulting team
from BBOXX Ltd where he was CFO. Prior to this, Robin
was CEO and CIO of Invensys Pension Scheme. As CIO, he
designed and executed a three-step plan to upgrade the
scheme’s investments and risk management capabilities. He
is a member of the Milken Institute Young Leaders’ Circle. An
interview with Robin is featured in this newsletter.
Also joining the consulting team is [2] Nick Lewis.
Nick was previously part of the investment consultancy
at Aon Hewitt and is a CFA charterholder.
[3] Harriet Ellis is Redington’s new head of Human
Resources. She has 18 years’ experience in Human
Resources and previously worked for VTB Capital and ING
Wholesale Bank.
The ALM & Investment Strategy team has also been hiring –
[4] Dermot Dorgan previously spent two and a half years as
an investment consultant at KPMG Pensions and
[5] Melanie Hah is building upon her experience as a trainee
actuarial consultant at Milliman’s life practice.
We would also like to welcome our new graduate intake –
[6] Tom Pilcher (Investment Consulting), [7] Aaron Kok
and Jiaxi Yang (ALM & Investment Strategy),
[8] Keir Macdonald (Manager Research).
It’s been a busy summer for new joiners
and we are delighted to welcome the
following to the Redington team:
REDINGTON.CO.UK
GETS A FACELIFT
We are excited to launch a brand new website,
providing easier access to content and optimal
performance across mobile devices. New
content has also been added, including a
range of client case studies and an update
on Redington’s story and approach. A huge
thanks to The Creative Arms for the design and
Webstars Ltd for the build.
Click the image to view the new site.
Please do take a look and let us know
what you think!
WELCOME!
[1] [2]
[3]
[5]
[7]
[4]
[6]
[8]
INDUSTRY
FEEDBACK

6. DID YOU KNOW? By 2028 the UK population is expected to reach 70 million before touching 80 million by 2062 (Source: ILC-UK)
edington has introduced a new Preferred List Manager
Research Process. We now utilise our 10 screening
criteria to allow us to reduce the vast universe
and focus on spending our time meeting the best
managers. Our research meetings are centred on identifying a small
number of high conviction managers. Managers who demonstrate
competitive advantages in 10 key areas are awarded one of the
following ratings:
Preferred Manager
Retained Manager
One to Watch
Preferred and Retained managers are then monitored against relevant Red
Radar points. Red Radar is to ensure that clients can proactively engage with or
transition away from inappropriate managers in plenty of time.
Since the inception of the Preferred List Process in October 2013, we have
researched 535 asset managers across 16 different asset classes, carried out
detailed due diligence on 171 managers and assigned Preferred status to just 44.
In addition to in-depth analysis for the Preferred List process, the team meets
with managers involved in bespoke client work as well as those with fresh
strategies which are potentially suitable for client portfolios. In total, the research
team conduct over 600 face-to-face meetings each year.
R
TRIPLE FILTERED FOR
HIGH CONVICTION
MANAGER RESEARCH
535 MANAGERS
RESEARCHED
171 DETAILED
DUE-DILIGENCE
16 PREFERRED
LISTS
PREFERRED
MANAGERS
We have now completed Preferred Lists
in the following asset classes:
Sterling Credit
Diversified Growth Funds
Infrastructure Debt
Commercial Real Estate Debt
Absolute Return Bonds
Long Leases
Global Credit
Risk Parity
Credit Relative Value
Style Premia
Insurance-linked Securities
Private Placements
Mid-Market Direct Lending
Multi-Class Credit
Commodity Trading Advisors or “Trend Following”
Segregated Liability Driven Investing
16

7. HOW IT WORKS AND WHY
CLIENTS BENEFIT
DID YOU KNOW? One-third of babies born in 2013 in the UK are expected to celebrate their 100th birthday (Source: Ready for Ageing Alliance)
“ We now utilise our 10 screening criteria
to allow us to reduce the vast universe
and focus on spending our time meeting
the best managers.”
Pete Drewienkiewicz
Head of Manager Research
Last Quarter’s
Latest Thinking
PUBLICATIONS:
CIO Report – Investing in a World without Credit Spreads
A Decade of Credit – How Should Today’s Investors
Allocate to Credit?
Risk-Adjusted Return – Quarterly Update, Q3 2014
BLOGS:
3 ways to protect a portfolio against downside risks
READ NOW
Mitigating the danger of backtesting in style premia
PART 1 PART 2
Putting you on the helm of your LDI portfolio
PART 1 PART 2 PART 3
What do rising rates mean for UK pension funds?
PART 1 PART 2 PART 3
The pension revolution gathers momentum
READ NOW
What questions should I ask my advisers about longevity?
READ NOW
Absolute(ly No) Return Bond funds
READ NOW
PRESS COVERAGE:
Alternatives to fiduciary management: opening up
the debate (Portfolio Institutional) READ NOW
Finding value in a market of strong performers
(Professional Pensions) READ NOW
How Rate Increases Could Push Liabilities Higher
(Chief Investment Officer) READ NOW
TEACH-IN PRESENTATIONS:
Protect Your Assets
Equity Downside Hedging READ NOW
Revisiting Infrastructure
Does it Still Make Sense for Pension Scheme Investment?
(Redington, Squire Patton Boggs) READ NOW
Balancing Risk, Return and Sponsor Contributions
An integrated Approach to Investment and Funding
READ NOW
3. Preferred Manager Status
1 Managers Researched 2. Detailed Due Diligence
4. Preferred Lists
How it works:
We request and
analyse Due Diligence
Questionnaire and
Request For Information
responses from a wide
range of identified
managers before
assessing them using our
10 proprietary screening
factors. This allows us
to focus our intensive
due diligence on a much
smaller number of firms.
Why it benefits
clients:
This step allows us to assess a manager’s proposition
in the context of its peer group and review it in a
balanced fashion. We believe this is preferable to
using broad blanket screening factors, such as Assets
Under Management or performance-only screens.
How it works:
A small number of managers
who most clearly demonstrate
their excellence against
our proprietary list of 10
competitive advantages will
be rated “Preferred” and
recommended to clients.
Why it benefits clients:
High conviction allows us
to spend more time with
just a few, truly exceptional
managers and to monitor
them with high intensity. This
allows clients to spend their
precious governance budget
where it can add most value.
How it works:
Each strategy assigned an Allocate or Maintain rating
by Redington’s Investment Committee will have a list
populated with high conviction Preferred or Retained
managers. These lists are approved by the Investment
Committee and formally reviewed every 6 months.
Why it benefits clients:
Having a ready-made Preferred List for each asset
class improves governance,
allowing clients to move
quickly to implement new
investment allocations
rather than wasting
scarce time on
beauty parades and
overblown research
processes.
How it works:
Having digested and analysed all information provided to
us, we hold intensive face-to-face due diligence meetings
with each universe of screened managers within a tight
two week period. These meetings involve focusing on key
elements and digging
into their portfolios.
Why it benefits
clients:
Meeting the whole
universe of managers
for a particular asset
class within a two week
period allows us to assess
managers intensively and
within context. Clients
benefit from an enhanced
peer review process as
strategies are less likely
to change in such a short
timeframe.
535 MANAGERS
RESEARCHED
PREFERRED
MANAGERS
16 PREFERRED
LISTS
171 DETAILED
DUE-DILIGENCE

8. Nature or Nurture: which has the biggest influence on
successful outcomes?
Nurture! Practice, practice, practice. And if Nature was
generous with you and gave you a better start than others,
practice even harder! It would be such a waste otherwise.
How do you spend your time away from the office?
As much as possible outdoors and enjoying my free time
with my daughter.
What is your favourite book or quote?
I am currently reading Eric Schmidt’s and Jonathan
Rosenberg’s “How Google works” – can’t put it down!
DID YOU KNOW? 41% of non-retired people opted for the default option when they reviewed their pension plans (Source: Baring Asset Management)
Which achievement (professional or personal) are you
most proud of?
Being able to flip my first crepe at the age of 6.
What has been the biggest disappointment, and what did
you learn?
Not having been able to balance my personal and
professional lives during an important period of my life. I
have learnt that a balanced professional and personal life
is a key factor for a successful career.
As a child, what did you want to be when you grew up?
Deep sea diver.
Who do or did you most look up to?
Life is not a straight line journey and one experiences
different feelings and needs at different stages of one’s
life. I have therefore looked up and sought advice from
many persons over time, starting with my father when I
was a schoolboy.
What is the best piece of advice you
have ever received?
Count to seven before
answering any question.
I read somewhere that
Rupert Murdoch
counts up to 20.
ROBIN
CLAESSENS
Former pension fund CEO and CIO, Robin is our new Managing Director in Investment
Consulting. We decided to find out what makes him tick and his greatest ambition at Redington.
(Below) Vintage deep sea attire
donned by divers in the early 60s,
Mahatma Gandhi who was assinated
in 1948 at the age of 78 years old
(Bottom Left) Rupert Murdoch
ponders another tricky question
If you could visit yourself 20 years ago,
what advice would you share?
I would use a quote by Gandhi,
which resonates a lot with me:
“There is more to life than
increasing its speed”.
What are you most looking forward
to in your role at Redington?
Having worked on the pension fund side
for a number of years, I am most looking
forward to experiencing the satisfaction
from Trustee Boards of creating value for
their members.
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