On the go:The circa £13bn Royal Mail Pension Plan has hired BlackRock to handle £8.8bn worth of its defined benefit scheme assets as an outsourced chief investment officer.
Members of RMPP’s investment team will continue to manage the scheme investments; however, they have moved over to BlackRock. The agreement will allow the scheme to utilise “the scale execution and risk management capabilities of a full-service asset manager”, it said.
RMPP chief executive Richard Law-Deeks said: “As ever, the trustee’s main priority is to ensure the retirement benefits of our members are well managed and protected.
“Our in-house team has delivered strong investment performance during some challenging markets over the past 20-plus years, meaning we are well funded.
“It is now time to consider how to lock in the stability and continuity of this position. With this agreement, we ensure that key institutional knowledge is retained, while benefiting from BlackRock’s wider expertise and scale,” Law-Deeks continued.
“We have long worked with BlackRock and look forward now to deepening that partnership further.”
The transfer of staff and assets were completed on February 1 2023.
This article originally appeared on MandateWire.com
