Capita Pension & Life Assurance Scheme, London, selected Russell Investments to manage its £1.5 billion ($2.1 billion) in assets via a fiduciary management mandate.
The defined benefit fund decided to move to a fiduciary management model that will enable trustees to pay lower fees and reduce time commitment, according to a news release Wednesday.
Russell Investments will implement an investment framework for the plan that will increase the security of participants' benefits as the pension fund is maturing.
Russell will also implement ESG considerations in the new investment arrangements, including Capita's carbon reduction plans for all of its business by 2035.
"We believe Russell Investments' experience and proven pedigree in strategic advice, portfolio implementation and ESG will be highly beneficial in helping us meet our investment objectives. We were particularly impressed with their understanding and knowledge of our requirements and current positioning. We look forward to working with them for the long-term benefit of our members," Andy Wadley, trustee chairman for the plan, said in the release.
A spokesman could not be reached to provide further details.
