Case Study: a large UK-based defence manufacturing company delivers a successful OCIO transition with Project One

Large UK-based Defence Manufacturing Company improves ROI to 1.5 years with Project One

The customer, a large UK-based defence manufacturing company, faced the challenge of discontinuing its in-house pension investment management services. This required winding down a 25+ year-old operation, selecting a new Outsourced Chief Investment Officer (OCIO) provider, and navigating a complex stakeholder landscape with conflicting objectives between the company and pension trustees. Key drivers included reducing financial risk, operating costs, and managing the cultural impact on staff transferring to a third party. Project One was brought in to provide programme leadership and recover the project.

Project One implemented a structured four-phase approach, taking over control from a Big 4 incumbent to get the programme back on track. They simplified governance, led robust planning, and maintained a strong focus on risk mitigation and communications. The outcome was the successful signing of the contract and transition of assets, people, and capabilities. The project delivered significant risk reduction and operational efficiency gains, with the return-on-investment horizon improving to 1.5 years. Stakeholders praised Project One's leadership and dedication as critical to the achievement.