Sheffield Mutual Friendly Society, Barnsley, England, selected Russell Investments to provide outsourced CIO services to its £100 million ($133 million) portfolio, Jamie Bellamy, CEO, confirmed Thursday.
Russell will be responsible for all of Sheffield Mutual's investment portfolio and governance, Mr. Bellamy confirmed. Russell will focus on enhancing Sheffield Mutual's strategic asset allocation and delivering strong risk-adjusted returns, while helping it diversify into new asset classes.
The OCIO will also help incorporate ESG factors into investments in efforts to reduce their carbon footprint and support ESG regulatory reporting, according to Mr. Bellamy.
Mr. Bellamy said in an email it is the first time Sheffield Mutual has appointed an OCIO and therefore "quite a significant step" given the society's planned growth.
Managers Investec, Fidelity and Schroders previously managed the society's investments, Mr. Bellamy said.
"The Russell Investments OCIO proposal provides a more holistic approach, which will help the society to further diversify its investment funds, better manage market volatility but continue to achieve strong investment returns for us to pass on to our members," he added.
Russell was also selected for its ability to assist with investment and ESG disclosures, Mr. Bellamy said.
