The Co-operative Asset Management (TCAM) has been chosen by the UK’s National Union of Mineworkers to manage its core investments.
The appointment builds on an existing relationship with TCAM’s parent, the Co-operative Bank. Although the size of assets wasn’t disclosed, the mandate refers to the NUM’s own internal reserves and has no connection with the multi-billion-pound Mineworkers’ Pension Scheme or the British Coal Staff Superannuation Scheme.
“The NUM’s decision to give The Co-operative responsibility with its investments confirms that our approach is extremely appealing to member and affinity organisations,” said Ian Jones, Head of Business Development at TCAM.
“Our history of activism, transparency and engagementcombined with the fact that we’re not one of the tainted band of City investors provides trust that we will always act as responsible stewards with our clients’ money.”
Chris Kitchen, Secretary of the NUM said: “The Co-operative were an obvious choice for managing our investments because of the similarities between the values and principles of the two organisations.
“We believe the responsible approach will deliver the good investment returns that we demand whilst being used to positively influence companies in which it invests.”
TCAM, a signatory to the United Nations Principles for Responsible Investment, has £18.7bn (€22bn) in assets under management. The Co-operative Bank was named the world’s most sustainable bank at the Financial Times’ Sustainable Business Awards 2010.