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IPE special report May 2018

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AEU engages with FIS for £60m mandate

UK – AEU, one of the two pension schemes of the Amalgamated Engineering and Electrical Union (AEEU), one of the largest UK trade unions, has appointed Friends Ivory & Sime to a £60m multi-asset mandate for its super-annuation and assurance scheme.

“We were impressed with Friends Ivory & Sime’s investment approach and track record. In addition, we concluded that a credible engagement programme is entirely consistent with the aims of our organisation,” says Sir Ken Jackson, general secretary of AEEU.

The mandate will employ responsible engagement (reo), Friends Ivory & Sime’s proactive approach on social, environmental and ethical issues.
The reo approach was designed as the company’s response to the UK government’s decision to require pension trustees to have a statement on ethical and social investment issues.

Friends Ivory & Sime has £37.4bn of assets under management, and reo applies to £20bn of its total assets, including £4bn for institutional pension funds and £16bn from Friends Provident, the holding group of the manager.

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