Aga Rangemaster Group Pension Scheme, Leamington Spa, England, hired Schroders Solutions for a £740 million ($957 million) fiduciary management mandate, according to a news release.
The mandate has been designed to meet the plan’s strategic goals, including a long-term return target, as well as focusing on long-term investment returns while maintaining strategic flexibility to respond to market conditions.
Sponsor company Aga manufactures high-quality range cookers. Founded in Sweden, it has been based in the U.K. since 1957.
To secure the mandate, Schroders worked with plan trustees and XPS Pensions Group, which acted as independent evaluators. Together, the firms developed a core investment strategy centered on cash flow-driven investment assets.
Schroders also took on a range of less-liquid holdings from the legacy investment strategy. The mandate plans to include more cash flow-driven assets as market conditions present themselves and as legacy illiquid strategies are phased out.
"The proposition put forward by Schroders demonstrated a thorough understanding of the trustees' needs in terms of team, strategy and governance," said Roger Higgins, chair of Aga Rangemaster Group Pension Scheme, in the news release. "This appointment represents a significant next step in the management of the plans’ investments following an improvement in funding position."
Since its creation in 2022, Schroders Solutions has previously won mandates from the £12.9 billion Tesco Pension Fund, Cheshunt, England; £10 billion Centrica Pension Scheme, Windsor, England; £1.2 billion Kier Group Pension Scheme, Manchester, England; and £1 billion Merchant Navy Ratings Pension Fund, Manchester, England.
