On the go: Energy provider Centrica has chosen Schroders Solutions as its outsourced chief investment officer for its £10bn in pension scheme assets.
According to Schroders’ announcement, the assets will be managed in an “open architecture framework”. Schroders will help Centrica’s trustees develop its three schemes’ investment strategies, build the overall portfolio, and direct third-party managers.
Seven in-house Centrica staff will join Schroders Solutions under the terms of the mandate, led by CIO Chetan Ghosh, in a move that will take place during the second quarter of this year.
Allan Whalley, Centrica’s chair of trustees, said: “After a thorough selection process, supported by Isio’s investment team, we are very pleased to announce that we are partnering with Schroders Solutions under an OCIO model to take forward our investment strategy and deliver security for the members of the three Centrica pension schemes.”
Neil Walton, head of OCIO and specialist situations at Schroders Solutions, said: “This appointment reaffirms Schroders Solutions’ aim of being the provider of choice for OCIO and fiduciary management services by offering an end-to-end solution through to buyout, with a specific focus on robust portfolio construction, sustainability and bespoke service and reporting.”
