Friday Funds: PGB awards Osmosis $4.5bn ESG global equity mandate

The latest developments in ESG-related funds: Phoenix Group assigns $338m to climate solution; Euronext launches ESG index.

Dutch pension fund Pensioenfonds PGB has awarded a $4.5 billion ESG global equity mandate to Osmosis Investment Management to target significant environmental reductions across its core passive equity exposure. The London-based boutique asset manager will oversee the portfolio on behalf of the Dutch state pension fund and look to invest in companies scoring well on carbon emissions, water consumption and waste output.

UK pensions giant Phoenix Group has assigned £338 million ($406 million; €380 million) to a multi-asset climate solution, which will be managed by Robeco. The investment manager was selected to manage the solution following a “competitive” search process. The solution will form part of Phoenix Life and Standard Life’s wider with-profits asset allocation.

Euronext has launched a BEL ESG index which tracks Brussels-listed companies with the best ESG practices. Euronext has partnered with Sustainalytics to rank the best 20 companies based on their ESG ratings. The index is also fully compliant with the Belgian Central Labelling Agency’s “Towards Sustainability” label. The index is the fifth ESG equivalent in Europe for national blue-chip indices, following the launch of France’s CAC 40 ESG, Italy’s MIB ESG, the Netherlands’ AEX ESG and Norway’s OBX ESG.

Ocean Capital’s blue economy impact fund has received €30 million from Ingka Investments, the investment arm of Ingka Group. The Ocean 14 Capital fund focuses exclusively on the blue economy, using SDG 14 (life below water) as a guiding principle. The fund also received a €10 million commitment from Monaco’s sovereign wealth fund in September. The fund has raised a total of €130 million since launch in November 2021.