Railpen Investments hired Schroder NewFinance Capital to run $125 million in commodities, confirmed Schroders spokeswoman Estelle Bibby.
The mandate is new.
NewFinance Capital will run the money in its Opus Commodities Core Plus A fund, which invests in agriculture, livestock, energy, and industrial and precious metals.
No RFP was issued.
Railpen's sole client is the £20.4 billion ($32.7 billion) Railways Pension Scheme, London, the third-largest pension fund in the U.K.
Richard Moon, Railpen investment manager, was out of the office and could not be reached for comment. Railpen spokeswoman Catherine Hancock did not respond to a request for further information.