pension fund ponders SRIDecember 1999
The managers of the UK’s second largest local authority pension fund have appointed consultants to advise on developing a socially responsible investment (SRI) strategy.
Glasgow city council, which administers the £6 billion Strathclyde Pension Fund, says it has called in Hymans Robertson, the actuaries and investment managers, largely because of the introduction this summer of a government regulation requiring pension scheme trustees to state their policy on socially responsible investment.
‘We will be exploring all the options from investing on 100 per cent SRI lines to having no SRI at all,’ said Richard McIndoe, principal pensions officer at Glasgow. ‘The regulation has been a catalyst for this decision.’
The council chose Hymans Robertson from eight firms approached during the autumn. It hopes to come to a decision on a future investment strategy by February 2000.
Nottinghamshire and Lancashire are among the county councils that have already adopted SRI strategies, with the mandate won by Henderson Investors in both cases.
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