Steve Rumbles has been appointed independent trustee for SEI’s master trust. He was previously an independent consultant and before that head of DC at Blackrock.
What did you want to be when you grew up?
Easy. Racing driver – and I’m still hoping.
What was your favourite subject at school and why?
Geography – it’s a diverse subject which included opportunities to stand in rivers measuring flow, geology and as well as looking at demographics and make up of countries and continents. We had a really good teacher (Mr Boxhall) who hit the right balance between humour and discipline.
What was your first paid role?
I worked in a pet shop/garden supplies shop. That’s probably where my fear of snakes started.
What led you to a career in investment?
Truthfully – luck! I worked at Lloyds Bank when I left school and then joined Mercury Asset Management because the pay was better. I started in administration, and then progressed through the organisation becoming the head of DC for Blackrock back in 2002.
What are your priorities for this new role?
To add value as soon as possible. To do that I need to understand the day-today workings of the master trust and the job we do for members. No two trusts are the same.
What is the biggest investment hurdle for DC trustees to overcome?
It has to be the new pension freedoms. Now members have to engage at 50 to decide which of the three routes they want to take (or combinations of), and we as trustees have to make the investment options we provide best suit their needs and then give them simple, easy to use tools and communication to make the decision as painless as possible.
What change would you make to investment legislation/regulation?
The options available to DC members and funds are far more restrictive than those of a DB scheme. I believe we should have more flexibility in our default investment choice beyond the “readily realisable” restriction to allow us to use a wider range of asset classes for greater diversification.
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