OCIO and fiduciary management: what trustees need to know

21 April 2026

OCIO and fiduciary management: what trustees need to know

A semantics problem with real consequences
OCIO and fiduciary management are frequently used as shorthand for the same thing.
That casual overlap is understandable, but it obscures an important difference that goes
to the heart of investment decision‑making.

It is tempting to dismiss that as semantics. Yet language matters, particularly in pensions, where labels shape expectations, governance and accountability. A background in philosophy has left me perhaps more sensitive than most to the loose use of terms in investment, especially the word ‘philosophy’. Unless an investment philosophy comes with clearly defined assumptions, terminology and logically inferred conclusions, then it’s not a philosophy!

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There’s a saying in Dutch, Kom verder, it means many things and it’s our business philosophy. It captures the way we work with clients but also the way we steer our investee companies to deliver shareholder value through active engagement.

Capital at risk. The value of investments and the income from them can fall as well as rise, and investors may not get back the amount originally invested. Past performance provides no guarantee for the future.