On the go: The £333.9m Wates Pension Fund has appointed Russell Investments as fiduciary manager for its £300m defined benefit section.
Russell Investments will develop and implement an investment strategy “with a focus on generating income and managing investment risk to ensure that the fund meets its long-term liabilities”, the manager said.
The strategy will include investing in private markets, including private debt, “where future cash flows can be used to help meet the fund’s future benefit payments”, it added.
Russell replaces incumbent River and Mercantile Group. According to the scheme’s 2020 annual report, the majority of scheme assets were transitioned to Russell in October 2020, with an interim investment strategy.
Martine Trouard-Riolle, client director at Capital Cranfield and chair of trustees at Wates Pension Fund, said: “We appointed Russell Investments following a competitive tender exercise.
“IC Select helped us prioritise what was important to us as a board, and Russell Investments quickly developed a strong understanding of our circumstances and proposed and implemented a portfolio which was aligned with our investment objectives.”
This article originally appeared on MandateWire.com
