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One of the biggest pension funds in the UK pulled £ 28 billion from State Street, in a high example of property owners pushed against ESG with ESG among the greatest US managers.
After reviewing her responsible investment policy, the pension of people decided to submit the mandate of a market capital of £ 20 billion and 8 billion pounds of assets with fixed Invescu income.
The scheme, one of the largest contributions in the UK, said that two companies would launch funds “with focus on responsible investment”. He only kept £ 5 billion with State Street, which had previously managed all his property.
This move comes due to growing tensions between long -term investors and US assets managers, who after the election of Donald Trump, after the election of Donald Trump, reduced the so -called environmental, social and management investment. Money managers were also targeted by right -wing campaigns that opposed corporate activity to limit global warming and promote diversity.
“By selecting Amundi and Invesco, we have decided to prioritize sustainability, active management and long-term creation of values,” said Mark Condron, president of the people’s pension, who aimed to “balance strong financial success with responsible principles of responsible investment.”
“The big topic was a growing difference in the positioning of USA opposite European property managers. It’s a huge story, “said Dan Mikulski, the head of the People’s Partnership, which acts on a national pension.
Mikulski said that the differences in the approaches to the property manager became “increasingly apparent”, which made it easier to assess what was best to suit what the fund wanted to achieve. The scheme aims to reconcile all its investments with the aim of keeping global warming below 1.5 ° C above the pre -industrial level.
Pension of people sought to increase the number of property managers investing after rapid growth of the fund, which amounts to £ 33 billion, and it is predicted to reach £ 60 billion by the end of the decade. The scheme has almost 7 million members.
The responsible investment campaign of Shareaction this month has criticized State Street with Blackkkk, Fidelity Investments and Vanguard for “worrying with ambitions” as asset managers, which together manage 23 cm assets, collectively supported only 7 percent of shareholders’ resolution last year.
Amundi said her responsible investment obligations were the “key factor” in his appointment, and the mandate of capital index on the market of £ 20 billion would be focused on climate. Mikulski said the meetings were followed by a 10-month review of several managers. Invesc’s management of 8 billion pounds of sovereign and corporate bonds will contain net zero alignment, with ESG analysis and active engagement with publishers.
State Street said he would focus on increasing his presence among the pension schemes with a defined contribution in the UK and other markets and that he had a “strong pipeline” for this year. “We look forward to continuing our work with the pension of people on the remaining mandates,” the company added.
Transfer of mandate comes as a group 26 financial institutions And this month’s pension funds have asked their property managers to be more actively involved in companies in which they have been invested at their climate risk.
Some major US pension funds have also warned of dilution of climate reporting standards.
Marcie Frost, Executive Director of the Pension System of Public Employees in the amount of $ 536 billion (Calpers), said last week that she was “worried” after the Securities Commission indicated that she would no longer defend her rule on the publication of the climate in court.
Calpers, which manages an asset of £ 353 billion, said the companies would be considered responsible for publishing the climate.
