Fiduciary manager Van Lanschot Kempen (VLK) has secured a £2.5bn mandate to run the assets of two pension schemes attached to engineering company Holcim.
The trustee board for the Lafarge UK Pension Plan and the Aggregate Industries Pension Plan has outsourced the investment of both schemes to VLK, following a competitive tender led by XPS.
The two pension schemes have more than 20,000 members in total, according to a press release from VLK.
Following the tender process, a contract was signed in October last year with VLK officially taking over management of the assets in the fourth quarter of 2025.
VLK said it was delivering “a fully bespoke fiduciary management service” in collaboration with the trustees and their advisers. The investment strategy is tailored to each of the two schemes, and includes a “significant portfolio of private markets assets”, the asset manager said.
Alan Baker, chair of trustees, said: “The Van Lanschot Kempen team distinguished themselves throughout the process, demonstrating their deep investment expertise and clear commitment to partnership. We were impressed by their strength in managing alternative asset classes in addition to the consideration shown for the long-term funding needs of each plan.
“The trustee board is confident that their approach will support each scheme’s funding objectives and enhance the security and outcomes for members. All of our experiences since making the appointment have confirmed that we made the right choice.”
Andre Kerr, head of fiduciary management oversight at XPS Group, cited VLK’s “investment expertise, implementation of an open architecture model, and their ability to address each scheme’s distinct requirements, all while ensuring a careful balance between liquidity and investment returns”.
Over the past 12 months, other notable fiduciary management mandates have included WTW’s contract with the Plumbing & Mechanical Services Industry Pension Scheme to manage its £1.2bn portfolio. In September, Goldman Sachs was awarded an international mandate from oil giant Shell to run more than $40bn of pension money, including its £11.1bn Shell Contributory Pension Plan in the UK.
