The London Collective Investment Vehicle, London, hired RBC Global Asset Management to a manage £200 million ($261 million) equity allocation with a sustainable approach.
The assets are run in the LCIV Sustainable Equity Exclusion Fund, launched Wednesday. The London CIV is a pool of 32 London local authority pension funds with £8.5 billion in assets.
The LCIV fund excludes sectors such as fossil fuels, tobacco and weapons from equity allocations. The £200 million run by RBC GAM was invested by the £1.4 billion London Borough of Lambeth Pension Fund, London.
"We are delighted to launch the LCIV Sustainable Equity Exclusion Fund. Being responsible investors is an imperative for the London CIV and our pool members. This fund demonstrates our commitment to finding the right solutions for our investors in this important area," Kevin Corrigan, interim CIO at London CIV, said in a news release by the pensions pool.
RBC Asset Management manages a total £580 million on behalf of London CIV.