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Page 2 - Environment Agency tenders up to £150m in climate change equity mandates
poorly performing strategy of three balanced managers for ten specialist managers employing an environmental, social and governance overlay strategy. The strategy was led by Howard Pearce, head of pension fund management. Returns blossomed. In the first year of the new strategy, the fund beat its benchmark by 0.8% and increased its solvency margin by 4%. Year two was better. The fund was 1.2% up against its benchmark and recorded a further 3% increase in solvency. Eight of the fund’s managers exceeded their benchmark and four beat their performance targets.
During 2007, the fund extended its manager roster by appointing Royal London Asset Management to manage a £55m (€81.5m) UK corporate bonds mandate with an SRI overlay provided by Eiris.
The fund is also carrying out reviews of infrastructure, sustainable forestry, private equity and clean tech to decide if it could make new allocations to these asset classes.
Expressions of interest for the new global equity mandates should be received by the fund by January 31, 2008.
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