Wellcome Trust pension schemes hire OCIO to manage £800m
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The trustees of the Wellcome Trust Pension Plan and the Genome Research Ltd Pension Plan have hired an outsourced chief investment officer to handle a combined £800m.
The schemes with more than 3,500 members have picked Legal & General Investment Management in a competitive selection led by IC Select.
“Adopting a fiduciary management model enables us to strengthen our investment governance and focus even more sharply on member outcomes. L&G stood out in a highly competitive selection process, demonstrating a deep understanding of our objectives and a strong alignment with our values. Their leadership in responsible investment and extensive expertise in DB pension strategy made them the clear choice to support our members,” said chair of trustees, Michele Hirons-Wood.
LGIM said the investments will use tailored, responsibly managed growth portfolios and climate‑aligned credit strategies with bespoke liability hedging solutions.
LGIM said the investments will use tailored, responsibly managed growth portfolios and climate‑aligned credit strategies with bespoke liability hedging solutions.
Tim Dougall, head of delegated solutions at LGIM, said: “We are delighted to be appointed as fiduciary manager to the plans and to support the trustees in navigating their endgame pathways. More schemes are looking for a flexible partner who can help them manage risk effectively - whether they intend to run on or move toward buyout.”
