People’s Pension has passed a major milestone, having reached £40bn of assets under management.
It has grown from £30bn to £40bn in just 14 months, and says this trajectory puts it on track to reach £50bn in the next two years, and £100bn within a decade.
This higher figure would put it into the world’s top 100 asset owners.
People’s Pension growth is supported by a positive net flow of contributions, organic growth among its employer base and strong investment returns.
Last year it made number of changes to its investment mandate, appointing Amundi and Invesco as new asset managers. Previously State Street Global Advisors had run the entire portfolio. In December, it announced that Robeco would also manage its £3.6bn emerging markets equities portfolio.
The auto-enrolment provider said it has been able to leverage its increased scale to innovate and deliver better long-term value for its seven million members.
People’s Partnership chief investment officer Dan Mikulskis says: “Reaching £40bn in assets under management reflects the confidence placed in us by members, employers, and advisers. It’s testament to the accomplishment of automatic enrolment in bringing millions more people into retirement saving, alongside the success of People’s Pension in providing a top-class home for members’ savings.
David Meliveo, chief commercial officer of People’s Partnership adds: “At a time when the Government is reforming the market, and calling for larger, better-run schemes, achieving £40bn assets under management reaffirms that People’s Pension has the scale required to meet those expectations.
“As a pension with purpose, and with no shareholders to pay, we’re able to use our growing scale to benefit advisers, employers and most importantly our members.”
