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Impact Investing

IPE special report May 2018


UK’s Centrica fund taps Mercer in revamp

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UK – Services group Centrica has appointed Mercer Investment Consulting to replace Watson Wyatt as scheme advisors in a revamp of its 2.1 billion-pound (2.9 billion-euro) pension scheme.

Centrica spokesman Andrew Turpin said Mercer had made a very good presentation and that Watson Wyatt remains scheme actuary.

Centrica was one of 14 UK companies identified by Dresdner Kleinwort Wasserstein as having their dividends at risk due to pensions deficits.

Turpin said Legal & General Investment Management would manage 640 million pounds in passively managed assets and that LGIM was transition manager.

Five hundred and thirteen million pounds in active UK equities would be shared equally between Alliance Bernstein and Baillie Gifford. Liontrust has also been awarded 123 million pounds in active UK equities.

Alliance Capital and GMO will each run 130 million pounds in global equities. J P Morgan Fleming Asset Management was awarded 116 million pounds in Asian equities and First State Investments nabbed 44 million pounds in emerging market.

The fund awarded 330 million pounds to UBS Global Asset Management while Wellington gained 42 million pounds in US mid-cap equities.

Centrica retained Merrill Lynch and Aberdeen Property Investments for 65 million pounds in property.

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