The UK defined benefit scheme for international energy company Uniper has awarded a full fiduciary management mandate to Kempen Capital Management.
In an announcement today, Kempen said it had completed the onboarding of the £570m (€666m) mandate. The tendering process started in December last year and finished in May.
Peter Langdon, professional trustee at Best Trustees, was one of the advisers on the appointment.
“It was interesting to see the breadth and variety of approaches to fiduciary management and consistently Kempen stood out as being dynamic, flexible to our scheme’s particular attributes and extremely helpful to the mainly lay trustee board in understanding investment terminology and utilising plain language,” he said.
“They were pro-active in training on aspects the board were unsure of and stressed at all times that the (senior) team we had met through the process would be the team we would work with going forward,” he added.
Headquartered in Düsseldorf, Germany, Uniper is an international energy company with around 12,000 employees in more than 40 countries. Kempen noted that it planned to make its power generation CO2-neutral in Europe by 2035.
We look forward to working with the scheme to deliver the best possible outcome for its members, delivering customised investment solutions which meet Uniper’s specific needs, particularly regarding responsible investing and ESG,” said Nikesh Patel, head of investment strategy at Kempen UK.
Uniper’s UK DB scheme is part of the Electricity Supply Pension Scheme group. Taking into account the Uniper mandate, Kempen said its total client assets stood at €88.3m as at the end of June 2021.
Separately, Aon has been appointed to provide benefits advice and consultancy services to the pension funds of the London Borough of Sutton and the Royal Borough of Kingston.
The £640m London Borough of Sutton fund has 14,761 members, and the £814m Royal Borough of Kingston fund has 15,670 members. Aon’s appointment is to work with the two funds’ shared service administration function.