Phoenix Group hired Robeco to manage a £338 million ($407 million) multiasset climate portfolio for its workplace savings business, a spokesman confirmed Wednesday.
Robeco will invest in the equities and corporate bonds of companies that are moving to a net-zero position across their operations, in line with Phoenix's sustainable policy.
Phoenix aims to cut by 25% the carbon emissions of its bond and equity holdings, by 2025.
By 2030, the firm's target is to remove the carbon intensity of all assets by 50% in order to achieve a net-zero portfolio by 2050.
Robeco was selected after a competitive process, Phoenix said in a news release.
"Our partnership with Robeco drives forward this commitment across different asset classes as we aim to be net-zero throughout our investment portfolio by 2050," James Mitchell, head of strategic partnerships and research at Phoenix Group, said in the release.
Phoenix Group has about £270 billion in retirement assets in its workplace savings business.