Trustees of the Wellcome Trust Pension Plan and the Genome Research Limited Pension Plan in the UK, overseeing £800m (€919m) of assets on behalf of more than 3,500 members, appointed L&G as fiduciary manager.
Under the fiduciary management 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 investment approach will bring together tailored, responsibly managed growth portfolios and climate‑aligned credit strategies with bespoke liability hedging solutions.
Michele Hirons-Wood, chair of trustees for both pension funds, 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.”
Tim Dougall, head of delegated solutions at L&G, added: “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.”
