UK - Four local authority pension funds have invested more than £45m in shareholder engagement funds run by Hermes Pensions Management and its US partner, Relational Investors.
The £1.3bn Devon County Council Pension Fund, the £1.5bn Essex County Council Pension Fund and the £1.3bn Nottinghamshire County Council have all invested in funds run by Hermes and Relational Investors.
Nottinghamshire is using new member contributions to fund a £10m mandate with Relational Investors, while Essex has given Hermes £10m to run in its UK small cap equity fund and £15m to Relational Investors’ US shareholder engagement funds.
Devon has hired State Street Global Advisors to run a £250m Europe/North American/Japanese equities index brief and UBS to manage a £240m UK index equity mandate, both of which were previously run in-house.
In addition, the £4bn West Yorkshire Pension Fund has invested in the funds run by Hermes and Relational Investors.
The mandate wins mean that Hermes has a total of 11 local authority scheme clients, which in turn have a total of 21 investments – worth a combined £270m – across the range of shareholder engagement funds.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.