NEST Corp., London, will search later this week for a manager to run a global socially responsible investment equity fund for the new U.K. national defined contribution plan, according to a news release.
National Employment Savings Trust will likely appoint an SRI manager in February or March.
The SRI fund will be used as part of a fund-of-funds portfolio option “with a suitable risk/return profile for our members,” according to the release. The strategy will not be part of 52 target-date funds that will serve as default options.
Mercer is advising.
“The NEST SRI Fund will consist of a diverse set of SRI principles with a particular focus on human rights, good labor practices, avoiding environmental degradation and armaments,” Mark Fawcett, chief investment officer at NEST, said in the release. He could not be reached by press time for further comment.
NEST is estimated to grow to as much as £200 billion ($310 billion) by 2040.
