Wales Pension Partnership, Carmarthen, hired Russell Investments to manage the pension fund's the £1.2 billion ($1.5 billion) multimanager sustainable active equity allocation, according to a news release on its website.
Russell has developed the new sustainable global active equity solution for WPP with newly selected strategies for this subfund from underlying managers, a Russell spokeswoman said.
Russell hired Sparinvest, Mirova, Neuberger Berman Group, Wellington Management and Artemis Fund Managers as subadvisers for the strategy, which was specifically designed and constructed for WPP based on its requirements.
Russell's enhanced portfolio implementation capabilities give the pension pool flexibility to evolve its sustainable investments, the news release said.
"WPP's long-term ambition is to demonstrate leadership on sustainability and responsible investing practices for and on behalf of the constituent authorities. This new subfund supports these ambitions in delivering both financial and broader sustainability benefits to the Authorities, and their underlying members," said Chris Weaver, chairman of the joint governance committee of the Wales Pension Partnership, in the news release.
A WPP spokesman could not be reached to provide further information.
