University of Reading (England) hired Cazenove Capital to manage its £120 million ($157 million) endowment in a multiasset portfolio, a spokesman said Thursday.
The manager was selected to divest the portfolio from carbon-intensive fossil-fuel companies, a decision made due to concerns about the environment raised by students, staff and stakeholders of the university.
An RFP was issued in August. Cazenove replaced Sarasin & Partners. Sarasin was allowed to rebid, but it could not be learned whether the firm did so.
University of Reading will be reducing its carbon emissions within three months by 80% and engaging with portfolio companies to transition to a lower carbon future, according to its website. Cazenove will also invest in renewable energy and infrastructure on behalf of the university.
"We are confident that Cazenove Capital, and (its parent company) Schroders, align with our own stance on climate change and with the Paris Agreement goals. We are pleased to see that they have committed to mitigating their carbon emissions from 2020 and to 100% renewable energy use by 2025," said Samantha Foley, the university's chief financial officer, in a news release.
