L&G's Tim Dougall: More schemes are looking for a flexible partner who can help them manage risk effectively
The trustees of the Wellcome Trust Pension Plan and the Genome Research Limited Pension Plan have appointed L&G’s asset management business for outsourced chief investment officer (OCIO) briefs to oversee £800m of assets on behalf of more than 3,500 members.
The decision followed a competitive selection process led by IC Select.
As part of the mandate, L&G will deliver strategic investment advice across all aspects of the plans' portfolios, alongside integrated portfolio management, holistic risk oversight and strengthened operational resilience.
The asset manager said its investment approach will bring together tailored, responsibly managed growth portfolios and climate‑aligned credit strategies with bespoke liability hedging solutions.
Wellcome Trust Pension Plan and Genome Research Limited Pension Plan chair of trustees Michele Hirons-Wood said: "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."
L&G head of delegated solutions Tim Dougall added: "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. We look forward to bringing the full breadth of L&G's investment, risk, and operational capabilities to deliver strong outcomes for the trustees and their members."
