On the go: The £27.6bn Greater Manchester Pension Fund has appointed Schroders Capital to manage its diversified direct real estate portfolio, worth more than £700m.
The scheme’s direct property portfolio is invested across various sectors including industrial, office, retail and hotels.
According to Sophie Van Oosterom, global head of real estate at Schroders Capital, the manager will help the scheme to “deliver a best-in-class approach to environmental, social and governance considerations and impact”.
At March 31 2020, the scheme’s main UK property portfolio comprised 39 directly owned assets, two of which were owned through joint ventures and one via a co-mingled fund, and was valued at £815m. According to the scheme’s latest annual report, the portfolio was managed by LaSalle Investment Management at that time.
Separately, the pension fund will operate mini-competitions under the National Local Government Pension Scheme Framework to appoint a single company to provide actuarial and benefits consultancy services, as its current provider Hymans Robertson’s contract expires at the end of this year.
The scheme is also among several Nordic and UK asset owners to join the Climate Investment Coalition. At COP26, the coalition pledged to invest a collective $130bn (£95.4bn) by 2030 to tackle climate change.
Investments will be made across listed and unlisted equities, green infrastructure in both OECD and emerging market countries, green bonds and debt, and climate-friendly property, among other areas, according to the coalition.
As part of their commitment, pension funds within the coalition will also report annually on the progress of their climate investments.
This article originally appeared on MandateWire.com
