L&G’s asset management business has been appointed as fiduciary manager to the trustees of the Wellcome Trust Pension Plan and the Genome Research Limited Pension Plan, overseeing £800m of assets on behalf of more than 3,500 members.
Under the fiduciary management (OCIO) mandate, L&G will deliver strategic investment advice across all aspects of the plans’ portfolios, alongside integrated portfolio management, risk oversight and strengthened operational resilience. The investment approach will also look to combine responsibly managed growth portfolios and climate aligned credit strategies with bespoke liability hedging solutions.
Michele Hirons-Wood, chair of trustees at Wellcome Trust Pension Plan & Genome Research Limited Pension Plan, says: “Adopting a fiduciary management model enables us to strengthen our investment governance and focus even more sharply on member outcomes. L&G stood out in a highly competitive selection process, demonstrating a deep understanding of our objectives and a strong alignment with our values.
“Their leadership in Responsible Investment and extensive expertise in DB pension strategy made them the clear choice to support our members.”
The decision follows a selection process led by IC Select.
L&G’s £1.2 trillion asset management business provides fiduciary management and OCIO services to institutional investors, including the British Steel Pension Scheme.