Aberdeen (Scotland) City Council Superannuation Fund hired Friends Ivory & Sime to apply a corporate engagement overlay program to a £300 million ($434 million) passive balanced global equities portfolio currently managed by State Street Global Advisors, said Joanne Hope, superannuation officer. FIS already runs an active £20 million U.K. equity engagement overlay program for the £1 billion pension plan.
Ms. Hope said plan officials adopted the program because it separated the investment process from the plan’s social, environmental and ethical objectives.
