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Veolia trustees appoint Schroders to fiduciary management mandate

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Schroders has been appointed to a £880m (€1bn) fiduciary management mandate by Veolia UK Pension Trustees Limited.

The mandate is for the company’s largest defined benefit pension schemes. Veolia is an energy, water, and waste management firm.

Robert Hunt, chairman of Veolia UK Pension Trustees Limited, said: “The Veolia Trustees look forward to a rewarding partnership with Schroders in the management of the pension scheme assets and our overriding aim of reducing both risk and deficit in the schemes.

“The professionalism demonstrated by the Schroders team has been a source of great encouragement for the Trustees.”

Consultants LCP facilitated the tender process.

Schroders will provide investment strategy advice and implementation. It transitioned the assets to the new investment arrangements during the first quarter of 2017.

Peter Harrison, group chief executive at Schroders, said: “We are delighted to have been selected to manage the Veolia pension schemes’ investment strategies in a fiduciary management arrangement.

“The trustees have adopted a new governance framework that enables swifter decision-making with a specific focus on managing pension fund deficit risk.”

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