RI mandate watch 08/01/2008

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The £1.5bn (€2.1bn) UK Environment Agency Pension Fund is investing up to £150m (€210m) in new money in one or more global equity portfolios where fund managers will be specifically favoured according to investment in climate change themes as well as adherence to the UN Principles of Responsible Investment (UN PRI).
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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The €9.3bn ($13.1bn) AP7 Swedish pensions buffer fund is planning to invest SEK3bn (€319.2m) in environmental technology in the next three years via two private equity fund of funds mandates.
 Richard Gröttheim, AP7’s executive vice-president, said the fund would go public with the tenders at the beginning 2008. He said half of the total investment will be made in Sweden and the Nordic markets while the remaining assets will be invested in the US, Europe and Asia.
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PKA, the DKK 114bn (€15.4 bn) Danish collective pension scheme, is planning to raise its forestry investments to about €335m. The Danish fund is likely to raise its commitment to timber from 1.5 to 2% of total assets, meaning it could go to market with about €70m in new money in the next month or so.
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The $45bn (€33bn) New York City Employees Retirement Scheme (NYCERS), has hired Generation Asset Management and F&C to run responsible portfolios of global equities, mostly large cap. The fund has hired US SRI manager, Walden to run a primarily US small cap fund. KBC, the Belgian fund manager, will run a portfolio dedicated to alternative energy companies.
The fund also plans to hire an activist equity manager to agitate for change within investee companies.
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The €750m ($1.1bn) Lutheran Church of Finland pension fund has hired Morley, the UK fund manager, and Bank Sarasin in Switzerland, to run European SRI equities mandates. Sarasin will run approximately €35m, while Morley will manage €25m of an initial sustainable investment allocation by the fund.
Tomi Viia, investment manager at the Lutheran Church, said the fund will start a research project concentrating on further SRI investments at the start of 2008.
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The pension fund of Unison, the UK trades union, has hired Standard Life Investments for a £140m (€195m) socially responsible investment equity mandate, replacing Morley.
The portfolio will be run as an engagement overlay with 60% invested in UK equities and 40% in overseas equities with performance targets of 2% per annum outperformance of the FTSE All Share and the MSCI World ex-UK index respectively.